The Managing Director of the Port Harcourt Refining Company (PHRC), Mr. Bafred
Enjugu, says the company has returned to profitability since it started receiving crude oil through marine vessels for refining.
According to a statement by the company’s Public Affairs Department on Monday in Port Harcourt, the company has been able to meet its target of N22 billion (about $115m) monthly profit.
Enjugu disclosed that the company recorded N2.7 billion (about $14m) profit in May 2014 and that the company has been encouraged to embark on this ambitious target, especially as more of the processing plants have come on stream at 60 percent capacity.
He noted that the company is consolidating stronger, resulting in huge profits following the revival of its fluid catalytic cracking unit (FCCU) – a very critical crude oil processing plant, which broke down long time ago.
He disclosed that with the coming on stream of the FCCU, the key processing plants- the vacuum distillation and crude distillation units are all available.
Enjugu also said that apart from successfully resuscitating the FCCU, several safe mechanisms put in place for optimum production has given fresh
impetus in the operation of the refining company considered as one of the country’s biggest economic power house.
He expressed optimism that the installed refining facility will ensure that the country’s largest oil refinery has the power to overcome unstable
power availability and return to full capacity for refining.