NEWS

Oil Company Applauds Tinubu For Subsidy Removal

African Refinery Port Harcourt Limited has expressed its appreciation for the newly inaugurated administration’s decision to eliminate the petroleum subsidy. The CEO of African Refinery, Mr Omotayo Adebajo, urged Nigerians to remain patient as they navigate the initial difficulties that may arise from the removal of the subsidy. He stressed the significance of supporting the President’s strategic choice, which, in his opinion, should have been implemented earlier.

While acknowledging the resulting increase in pump prices, Mr Adebajo highlighted that the removal of the subsidy would ultimately encourage investments in local refinery capacity. Moreover, it would immediately allocate funds for impactful projects that would benefit a large majority of Nigerians.

He called upon the President to prioritize and continue supporting local refinery projects, building upon the previous government’s investments in African Refinery’s Port Harcourt project and the Dangote Refinery in Lagos. Mr Adebajo emphasized the critical role these projects play in Nigeria’s objective to end fuel imports, ensure energy security, and stressed that their success is dependent on the continuous support of the Federal Government.

The CEO of ARPHL announced that their refinery project, expected to be completed during the tenure of the new administration, would significantly enhance local production of refined petroleum products. He stated, “This project aims to create a competitive market with multiple producers located across various regions in the country. ARPHL believes that this initiative, along with similar projects, will eventually establish Nigeria as a net exporter of petroleum and petrochemical products and commodities.”

According to the statement, ARPHL has commenced the vital stage of ‘Front-End Engineering Design,’ bringing the refinery project closer to reality. In June 2023, a team of foreign experts and consultants will visit Nigeria for surveys and meetings with partners and industry stakeholders.

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