The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says the old Port Harcourt refinery is close to completing its rehabilitation and could resume operations within one week if the Nigerian National Petroleum Company (NNPC) Limited gives approval.

Festus Osifo, president of PENGASSAN, disclosed this during an appearance on Channels Television’s Morning Brief on Tuesday. He explained that rehabilitation work on the refinery is about 90 percent complete and that the facility is technically fit to operate.

According to Osifo, the key issue delaying the restart is not technical readiness but profitability. He said NNPC, as a commercial entity, must consider whether operating the refinery would be financially viable.

He noted that refining crude oil at the plant could result in losses, as the cost of crude supplied to the refinery may exceed the value of the refined petroleum products sold.

Osifo, however, insisted that the funds spent on rehabilitating the refinery were not wasted. He said major components of the facility, including compressors, control rooms, and panels, were replaced during the rehabilitation and remain installed at the plant.

He added that these upgrades have significantly improved the value of the Port Harcourt refinery compared to its condition before the rehabilitation began.

Earlier this month, NNPC Group Chief Executive Officer, Bayo Ojulari, said Nigeria’s state-owned refineries in Port Harcourt, Warri, and Kaduna were shut down due to heavy operating losses. He also attributed the long-standing challenges of the refineries to structural issues related to financing and contracting.

The Port Harcourt Refining Company was shut down for maintenance in May 2025. In November, NNPC announced plans to explore partnerships with private operators as part of efforts to revive the country’s struggling refineries.