Nigerian Retailers in Talks to Acquire Port Harcourt Refinery for Oil and Gas Revival

Petroan, led by its president Dr. Billy Gillis Harry, is engaging in talks with the Nigerian National Petroleum Company Limited (NNPCL) to explore the acquisition and revival of the Port Harcourt Refinery in River State.

The move is intended to enhance Nigeria's local refining capacity, strengthen indigenous involvement in the oil and gas sector, stabilize petroleum product prices, and stimulate economic activities. Dr.

Gillis Harry expressed confidence in restoring the refinery's operations with the support of potential co-investors from Ukraine and Georgia. The project requires $2 billion to kick-start the refinery's rehabilitation, with ongoing formal arrangements and discussions with interested investors.

Petroan aims to transform Nigeria's downstream petroleum sector, promote competitive pricing, and generate broader economic benefits by 2025. The association also calls for a forensic audit and stronger accountability frameworks to restore public confidence and attract investments in the sector.