NewStats: 3,263,824 , 8,181,518 topics. Date: Sunday, 08 June 2025 at 06:33 AM 2344p

A new refinery with initial 50, 000 barrels a day capacity is set to be launched by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and its partners.

LEADERSHIP learnt that the agreement and Memorandum of understanding (MoU) to facilitate the immediate construction process of the facility will be signed in the next few weeks.

President of PETROAN, Billy Gillis-Harry, who confirmed this to our Correspondent in a chat said the deregulation of the downstream segment of the oil and gas industry is paving way for fresh investment in the sector.

He said the association has ed total deregulation of the downstream segment of the industry so that subsidy payment for Motor Spirit (PMS) also called petrol will be channeled to other critical sectors of the economy like health, transportation and education among others.

Speaking with our Correspondent on what the government should deliver in the energy sector next year to enhance socio-economic activities, Billy Gillis-Harry, said the Association has been in the vanguard of ensuring sufficient energy supply to boost economic development and growth.

He said subsidy payment in the oil and gas industry is not sustainable but what is sustainable is freeing the market to attract investments and ensure sustainable product supply.

“We have positioned ourselves as advocates for product affordability and availability and that is why we are entering into partnership for the establishment of a modular refinery”.

On things the government should do to bring down the price of petrol, Gillis-Harry said the cost of getting funds from commercial banks is on the high side.

According to him, bank rates on borrowed funds is as high as 28 per to 35 per cent which is factored into purchased products.

Demand Nigeria energy bank

He advised that the government can facilitate funds more accessible to marketers with the establishment of Nigeria Energy Bank (NEB) to act like a local subsidiary of African Energy Bank (AEB).

This he sold will make funds available to marketers in one single digit to buy petroleum products and make the country wet all year round.

He also advised that the government can channel subsidy money to enhance rail transportation to move products sustainably to depots to enable marketers to load at various depots very cheaply.

https://leadership.ng/petroan-partners-plan-50000bpd-refinery/

Oil players are gradually falling in line with the reforms. Who would have thought that a day would come when oil marketers will build their own refinery. As Tinubu said in his media chat, Once you supply the market, prices will gradually fall in place. It can only be Tinubu.


After God, na Tinubu 💪 God bless Nigeria

If to say no be Buhari policy weh kill my POS business, I for don save enough to build one refinery too

Good...

More competition.

The more the merrier!

Alright

This is indeed a promising investment, provided that they steer clear of purchasing crude oil from illegal sources like vandals.

Lol

Clowns.

Since Dangote (an individual) initiated and completed his refinery, they've been acting like vampires that have been exposed to sunlight.

Clowns!

Very good. We need competition in the petroleum industry.

Generator Economy. It is alright.

It takes Dangote refinery to work to reset the thinking process of oil dealers.

Even Nigeria's refinery that seems to have been cursed never to function again.. suddenly started working..

Na wa o

Okay!

Hopefully, things will work out well for all and sundry.

Nigeria will get it one day n it's close

People just assume refinery is a license to print money.

In reality, a refinery is one of the least profitable businesses out there. It is a low margin business, so unless you can do it on a large scale of at least 200,000 barrels per day, you will struggle against the big boys.

With the rate at which every Nigerian wants to set up a refinery, who is going to buy all the petrol Too many refineries will eventually result in some closing down due to inability to make profit.

Is refinery the only business around?

Also, a 50,000 barrel per day refinery is not big enough to produce petrol. It will produce diesel, and some associated byproducts, but not petrol.

I believe capital Amen... God will intervene on behalf of masses.

oluseyiforjesus:
Nigeria will get it one day n it's close

Very good way to go.

PressMyButton:
Oil players are gradually falling in line with the reforms. Who would have thought that a day would come when oil marketers will build their own refinery. As Tinubu said in his media chat, Once you supply the market, prices will gradually fall in place. It can only be Tinubu.


After God, na Tinubu 💪 God bless Nigeria

Stop say after God na Tinubu, don't put Tinubu and God in the same sentence again .

It makes you sound silly.

From zero Refinery to one Refinery every month.. Nigerians no dey do anything in moderation. We must overdo am come spoilt the advantage sha..🤔🤔

If fuel cannot sell at #300 per litre, then building all these refineries is fraud because we have the crude here in Nigeria.

I am glad that the oil and gas stakeholders are thinking in this direction.
More refineries are coming up in a few years.

richmond500:
Is it only refinery that is feasible in this country?

People like you are the one complaining when we don't have a single refinery.

Nigerians sef

adioolayi:
It takes Dangote refinery to work to reset the thinking process of oil dealers.

Even Nigeria's refinery that seems to have been cursed never to function again.. suddenly started working..

Na wa o

Noo, it was the total and unambiguous deregulation of the downstream market that reset the thinking. We need to thank Dangote for taking the leap of faith though. He fought the oil cabal gallantly

adioolayi:
It takes Dangote refinery to work to reset the thinking process of oil dealers.

Even Nigeria's refinery that seems to have been cursed never to function again.. suddenly started working..

Na wa o

It is the reform of Tinubu that is encouraging investment in the sector not Dangote. Let's give honour to whom honour is due.
If FG still determines the price of fuel, no investor would be willing to invest in our oil sector and there is little Dangote can do. Removing subsid is the hard decision other previous leaders have been avoiding before PBAT

Godfullsam:


People like you are the one complaining when we don't have a single refinery.

Nigerians sef

sharap.
Show me where I complained. Olodo

DeLaRue:
People just assume refinery is a license to print money.

In reality, a refinery is one of the least profitable businesses out there. It is a low margin business, so unless you can do it on a large scale of at least 200,000 barrels per day, you will struggle against the big boys.

With the rate at which every Nigerian wants to set up a refinery, who is going to buy all the petrol Too many refineries will eventually result in some closing down due to inability to make profit.

Is refinery the only business around?

Also, a 50,000 barrel per day refinery is not big enough to produce petrol. It will produce diesel, and some associated byproducts, but not petrol.

This one is talking like it's guruguru and epa business they are talking about. Abeg rest.

When they finish planning and start building, they should tell us

Na refinery business dey rain now and I also start planning to build my own refinery

In Nigeria any new business every one will start jumping into it until they destroy the business

Anyway I go start to plan my refinery for the front of my house make i also cash out from refinery business

PressMyButton:
Oil players are gradually falling in line with the reforms. Who would have thought that a day would come when oil marketers will build their own refinery. As Tinubu said in his media chat, Once you supply the market, prices will gradually fall in place. It can only be Tinubu.


After God, na Tinubu 💪 God bless Nigeria

Taah, crude oil prices is dropping

Building refineries is one thing; making petroleum products affordable is another.




It's the hope and belief of hapless Nigerians that prices would come down drastically as the price of petrol has ripple effects on the entire economy.


Given the Nigerian factor, even if more refineries are established, the tendency to exploit fellow Nigerians would not bring about a reduction in the price of petrol.



Na our way!




@hotseat

PressMyButton:
Oil players are gradually falling in line with the reforms. Who would have thought that a day would come when oil marketers will build their own refinery. As Tinubu said in his media chat, Once you supply the market, prices will gradually fall in place. It can only be Tinubu.


After God, na Tinubu 💪 God bless Nigeria

Instead of you guys to dey bless Dangote Refinery...

NNPC cabal for don use Nigerians play Naijabet...

If that's true ... I will say na now una head start to work .

Nigeria on the move ...

Let's go there !

Godfullsam:



It makes you sound silly.

He IS actually silly!!!