ABUJA – Independent Petroleum Marketers Association of Nigeria (IPMAN) in collaboration with Water Carbornfield Energy Ltd. (CEL), a consortium firm from Panama is set to construct two refineries in the country.
The CEL Chief Executive Officer, Mr Jose Arosemena Mosi, who made the disclosure when he spoke with newsmen in Abuja, said the refineries would be built in Bayelsa and Kogi.
According to him the refineries with targeted capacity of 200,000 barrel per day will guarantee a steady flow of oil products needed to satisfy local consumption.
“The cost of the refineries is not certain at this moment, we need to do the economic analysis and it will take like two or four months.
“The refinery capacity is about 200,000 barrel per day. It will take like four or five years to build, complete and start production,” he said
Mosi said the company would be responsible for the funding of the refinery, while IPMAN was expected to provide the local content.
The IPMAN President, Mr Chinedu Okoronkwo, said the association sealed the investment deal with foreign company to build the refinery in Agge, Ceek in Bayelsa and Kogi, respectively.
Okoronkwo said Agge had one of the deepest port in West Africa and with that it would make it on the refinery hub in the region.
He said the one in Kogi would also help to serve the market in the North because of its strategic location
According to him, the proposed refineries will help to grow the country’s Gross Domestic Product and reduce capital flight.
Okoronkwo said the project would create about two million direct and indirect jobs, help in production distribution nationwide and reduce dependence on importation.
“You will agree with me that over 80 per cent of the downstream sector is being owned by the IPMAN, when you are talking of petrol station owners.
“So, with these refineries members will have easy access to products and will have it in their stations and by extension it will grow the economy and create wealth,” Okoronkwo said.
The IPMAN president said the host governors had demonstrated willingness to support the projects by providing land and other necessary assistance.
He, therefore, called on the Federal Government to assist further in creating favourable environment for the investment to thrive. (NAN)