NNPC to raise around $1 billion for Port Harcourt refinery revamp

The Nigerian National Petroleum Corporation (NNPC) is seeking to raise $1 billion oil prepay for revamping Port Harcourt refinery.

According to Reuters, the oil firm intends to raise the fund in prepayment with trading firms to refurbish its largest refining complex at Port Harcourt. Although NNPC declined to comment, about seven sources familiar with the discussions confirmed this.

The sources said discussions were taking place with a range of foreign and Nigerian trading houses, including some that have previously worked with Nigeria, and asked not to be named.

Should the revamping happen, it would reduce Nigeria’s hefty fuel import bill. It would also result in Nigeria’s second oil-backed financing since the COVID-19 pandemic.