April 25, (THEWILL) – In a significant move to boost local refining capacity, the Nigerian National Petroleum Company (NNPC) Ltd, on Thursday, witnessed the signing of a share subscription agreement between the Port Harcourt Refining Company (PHRC) and African Refinery for the co-location of a 100,000bpd capacity refinery within the PHRC complex.
The NNPC Ltd. disclosed the deal in a post on its official X handle on Thursday.
“NNPC Ltd.’s move to boost local refining capacity witnessed a boost today with the signing of a share subscription agreement between the Port Harcourt Refining Company (PHRC) and African Refinery for the co-location of a 100,000bpd capacity refinery within the PHRC complex.
“The signing of the agreement is a significant step towards setting in motion the process of building a new refinery which, when fully operational, will supply PMS, AGO, ATK, LPG, and other petroleum products to the local and international markets and provide employment opportunities for Nigerians,” the statement read.
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