PETROAN asks Tinubu to direct privatisation of Port Harcourt refinery

PETROAN asks Tinubu to direct privatisation of Port Harcourt refinery

The Petroleum Products Retail Outlet Owners Association of
Nigeria (PETROAN) has asked President Bola Tinubu to approve the privatisation
of the Port Harcourt refinery, saying it would drive efficiency, investment,
and economic growth.

 

In a statement on Wednesday, Joseph Obele, PETROAN’s
spokesperson, expressed disappointment with the Nigerian National Petroleum
Company (NNPC) Limited’s decision to retain the refinery under its control.

 

“This isn’t good news. Plans to sell Warri and Kaduna
refineries while keeping Port Harcourt under NNPC management are concerning,
given NNPC’s history of corruption and favoritism,” he said.

 

Obele said private firms are more accountable and
community-friendly, citing Indorama Petrochemical as an example.

 

 

He criticised NNPC’s handling of the country’s refineries,
saying it had led to fuel scarcity, higher prices, and economic hardship, and
added that its poor track record showed the need for reform.

 

According to him, privatising the Port Harcourt refinery would
bring benefits such as increased productivity, investment, expertise, job
creation, and better product supply.

 

He also listed a reduction in corruption, improved
accountability, global competitiveness, and higher revenue for the government
as reasons why the plant should be handed over to the private sector.

 

“The gains of privatisation would far outweigh the costs,
and it is in the best interest of the community and the nation at large,” Obele
said.

 

The spokesperson added that the host community is ready to
welcome any private investor with full cooperation to ensure the refinery’s
success.

Source: PETROAN asks Tinubu to direct privatisation of Port Harcourt refinery

 - NigerianEye
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