The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, has revealed that the old Port Harcourt refinery has been rehabilitated to approximately 90 percent completion and could be brought back into full operation within one week if the Nigerian National Petroleum Company Limited (NNPCL) decides to proceed.
Osifo made the disclosure on Tuesday, February 10, 2026, during an appearance on Channels Television's The Morning Brief.
He emphasized that the facility is technically ready and could be started immediately, stating, “As of today, you can start the old Port Harcourt refinery, and it will function. You can put it on today, and it will function.”
However, he noted that the primary obstacle to restarting operations is not mechanical but economic. Osifo explained that NNPCL, operating as a profit-oriented entity, may be hesitant due to potential losses.
He cited an example where feeding crude oil worth about $5 million into the refinery might yield products valued at only around $4.5 million, making operations unprofitable at current levels.
The refinery, which underwent a major rehabilitation costing approximately $1.5 billion, was reopened in November 2024 but shut down again in May 2025 due to operational challenges.
Osifo's comments highlight ongoing debates about the viability of restarting the aging facility amid broader concerns over Nigeria's refinery performance and profitability.
PENGASSAN's position adds to discussions on the future of Nigeria's state-owned refineries, with calls for strategic decisions to balance technical readiness, economic sustainability, and national energy needs.
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