VENTURES AFRICA – The Nigerian National Petroleum Corporation (NNPC) has signed an agreement with power solutions, company Genesis Electricity Ltd. to boost power supply to the Port Harcourt Refining Company (PHRC).
Group Managing Director of the NNPC, Andrew Yakubu said signing on Monday in Abuja that the agreement would ensure constant power supply to the company. He said: “Power is strategic to all our operations. With this agreement with an indigenous company on electricity, I believe that PHRC’s power situation will improve and impact positively on its output.”
“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,’’ he added.
On the other hand, Genesis Electricity’s CEO, Akinwole Omoboriowo said the company is prepared to guarantee the best power technology to PHRC, and would put in place all machinery to ensure regular, quality power supply to the refinery.
According to the power company’s website, Genesis aims to provide justifiable power platforms through which African nations can unlock their inherent potentials for economic growths, and developments.
The Port Harcourt refinery has the mandate to provide efficient petroleum refining services to the nation at a minimum cost but its operations has been hampered by dilapidated facilities.
Nigeria is Africa’s largest oil producer and the 6th in the world. Earlier this year, the country was grounded with a strike action after issues of oil subsidy, marketing and the decadent state of its refineries surfaced.
Africa’s second largest economy has also experienced perennial challenges in its power sector, with serial blackouts hampering business activities.
However, Genesis Electricity’s pioneering Captive Power Project (CPP) solutions, aimed at providing competitive and reliable electricity, as well as other initiatives by the government in recent times might be the answer to the nation’s power sector Sphinx riddle.