Following outrage on the recurring delays in the completion of the Port Harcourt Refinery rehabilitation project, the contractor overseeing the facility rehabilitation has said it would soon release an update on when the project will be completed.

The contractor, Maire Tecnimont SpA, announced that it will provide details on the project’s completion by or before October 2.

Responding to a letter from human rights lawyer Femi Falana, who had inquired about the completion timeline for the refinery’s rehabilitation, the contractor, through the law firm Olajide Oyewole LLP, acknowledged Falana’s request and promised to give details next week.

The law firm stated that its client, Tecnimont, had received his letters dated September 17 and 24, 2024 regarding the contract with the Nigerian National Petroleum Company (NNPC) Limited and is considering the inquiries.

According to the law firm, “Our client is considering your letters and they intend to get back to you on or before 2 October 2024.”

The $1.5 billion engineering, procurement, and construction (EPC) contract for the rehabilitation of the Port Harcourt refinery was signed between the Nigerian National Petroleum Corporation (NNPC) – before becoming a public company – and Tecnimont on April 6, 2021.

Timipre Sylva, the former minister of state for petroleum, had initially stated that the rehabilitation would occur in three phases, lasting 18, 24, and 44 months, respectively.

However, despite NNPC’s announcement on December 21, 2023, that the mechanical phase of the refinery’s turnaround maintenance was completed, and the facility was ready, there have been ongoing delays.

On March 15, Mele Kyari, NNPC’s group chief executive officer (GCEO), said that production would begin by the end of that month, but this target was missed.

Kyari later set a new deadline for early August, yet the refinery still did not commence production.

On 5 September, Adedapo Segun, NNPC’s executive vice-president of downstream operations, said that despite the mechanical completion in December 2023, further safety checks were necessary to ensure the refinery’s safe operation.

Segun emphasised that NNPC would not rush into production simply to meet a deadline if there were unresolved safety concerns.

An American multinational oil and gas corporation, ExxonMobil, has disclosed its plan to launch a $10 billion investment in Nigeria’s deep-water oil operations.

The Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Shane Harris, reaffirmed the company’s commitment to investing in Nigeria during a high-level meeting with Vice President Kashim Shettima on the sidelines of the ongoing 79th Session of the United Nations General Assembly in New York, United States.

Harris, who led other ExxonMobil executives to the meeting, noted that the company’s commitment to Nigeria remains unwavering.

He said, “As we celebrate 70 years of oil production and 8 billion barrels produced, we’re not retreating but refocusing our investments on deep-water opportunities.”

The centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment.

Harris further disclosed that ExxonMobil is working closely with the president’s office and the Special Adviser to the President to secure favorable fiscal arrangements to make the significant investment possible.

Despite the planned divestment of its onshore assets to Seplat Energy, ExxonMobil aims to inject $1 billion annually into maintenance operations and an additional $1.5 billion to boost production by 50,000 barrels per day over the next few years.

Buying into the investment proposal, Nigeria’s Vice President Shettima described it as a clear testament to the Federal Government’s economic reforms and investment-friendly policies.

According to Shettima, ExxonMobil’s potential investment aligns perfectly with President Bola Tinubu’s vision for a more investment-friendly Nigeria.

He promised the oil and gas company an enabling environment for the investment.

The vice president elaborated on the Tinubu administration’s efforts to ensure the ease of doing business in Nigeria, adding that the Renewed Hope Agenda places a strong emphasis on this priority.

He noted that the current administration has initiated comprehensive reforms to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives that make Nigeria an attractive destination for global investors.

Addressing the specific concerns of the oil and gas sector, Shettima stated that the government is committed to revising the fiscal framework for deep-water operations. He said the federal government’s goal is to strike a balance between attracting investments and ensuring fair returns for the Nigerian people.

In a related development, an international maritime giant, DP World, has announced plans to develop a multibillion-dollar port project in Nigeria.

The Group Chairman & CEO of DP World, Sultan Ahmed bin Sulayem, revealed the company’s intentions during a courtesy visit to Shettima on the sidelines of the ongoing United Nations General Assembly in New York.

The proposal comes as a direct response to President Tinubu’s aggressive investment drive and efforts to improve the ease of doing business in the country.

Nigeria’s Vice President, Kashim Shettima, has urged investors at the United Nations General Assembly (UNGA) to give the country the benefit of the doubt.

The Vice President, who attended the 79th UNGA on behalf of President Bola Tinubu, praised the current administration as the most investor-friendly in Nigeria’s history.

Vice President Shettima departed Abuja for the United States on Sunday to attend the 79th UNGA.

The trip was announced in a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, on Sunday.

Nkwocha stated that during the session, Shettima would deliver Nigeria’s national statement, participate in key meetings on the sidelines of the event, and engage with investors.

At the event, Shettima highlighted Tinubu’s efforts to revive the country’s economy by removing the fuel subsidy and unifying the foreign exchange markets.

He said, “I urge you to give Nigeria the benefit of the doubt. The current administration, led by President Bola Ahmed Tinubu, is the most investor-friendly administration in Nigeria’s history.

“When the fuel subsidy was an albatross around Nigeria’s neck, President Tinubu hit the ground running from day one by withdrawing the subsidy and unifying the multiple opaque foreign exchange markets.”

Investors King gathered that Shettima’s engagement with investors has so far garnered $320 million in investment commitments.