07 August 2012, Sweetcrude, ABUJA – The Nigerian National Petroleum Corporation, NNPC, and Genesis Electricity Ltd have signed a Memorandum of Understanding designed to boost power supply to the Port Harcourt Refining Company, PHRC, and strengthen its production capacity.
Speaking during the ceremony at the NNPC Towers on Tuesday in Abuja, the Group Managing Director of the Corporation, Andrew Yakubu stated that the MOU would give PHRC a new lease of life and curb unstable power supply to the facility.
Yakubu applauded the Federal Government for its commitment to addressing the power situation in PHRC and assured government of its readiness to meet the ambitious target given to the Corporation in the petroleum sector.
“We all know that power is strategic to all our operations and with this lengthy and conscientious agreement with an indigenous company on electricity, I believe that PHRC power situation would further improve and impact positively on the product output of the PHRC,” Engr. Yakubu asserted.
He expressed optimism that this new model with the company would help the Corporation re-evaluate how to address power and utility challenges to the oil installations of the NNPC.
According to him, “we hope that this arrangement will be a win-win situation and it will be a test case that will add value to our installations.”
In his response, the Chief Executive Officer of Genesis Electricity Ltd, Mr. Akinwole Omoboriowo, assured the management of the NNPC of its preparedness to deploy the best power technology in the world to PHRC and provide qualitative electric power supply to the plant.
PHRC has the mandate to provide efficient petroleum refining services primarily to the nation, at a minimum cost and the international market at competitive prices, while spearheading the development and production of specialized petroleum products.