The rehabilitation deal of the Port Harcourt refinery signed by the Nigerian National Petroleum Corporation (NNPC) and Marie Tecnimont means a lot to both Nigeria and the Italian firm.
While Nigeria sees the rehabilitation exercise as a way to restore the facility’s old glory and boost petroleum products production in the nation, the management of Tecnimont sees the development from a different angle.
The company, which is listed on the Milan Stock Exchange, intends to use the deal to strengthen its footprint in Nigeria.
This was disclosed by the company in a statement issued and seen by Nairametrics on Tuesday.
It stated, “The overall contract value is about $1.5 billion. The project entails engineering, procurement and construction (EPC) activities for a full rehabilitation of the Port Harcourt refinery complex, aimed at restoring the complex to a minimum of 90% of its nameplate capacity.
The complex is composed of two refineries totalling an overall capacity of approximately 210,000 bpd (barrels per day). The project will be delivered in phases from 24 and 32 months and the final stage will be completed in 44 months from the award date.”
Pierroberto Folgiero, Maire Tecnimont Group Chief Executive Officer, stated: “With this great result we confirm the soundness of our business strategy on geography diversification, as one of its key elements is to grow and assist our clients in their revamping initiatives, leveraging on our technological know-how to ensure more efficient and environmentally better performing processes and products.
It represents a testament to our technological DNA, as we are strongly increasing our focus on initiatives for the modernization of the refining sector, such as these strategic rehabilitation works.
Moreover, we enhance our footprint in Nigeria and in Sub-Saharan Africa, a market with excellent downstream prospects given its demographics and the necessity to unlock greater added value from the transformation of natural resources. We are eager to keep on supporting a leading player in the area such as NNPC to develop Africa’s downstream sector.”
What you should know about Maire Tecnimont S.p.A.
It heads an industrial group that leads the global natural resource conversion market (downstream oil & gas plant engineering, with technological and executive expertise).
Its subsidiary NextChem operates in the field of green chemicals and technologies in support of the energy transition. The Maire Tecnimont Group operates in approx. 45 countries, through approx. 50 operative companies and about 9,000 people.