Tuesday, August 13, 2019 9:14 pm
The Edo Refinery and Petrochemicals Limited, says it will soon commence operation at its 6,000 barrels per day (bpd) modular refinery before the end of the year.
The project which is located at Ologbo, Ikpoba/Okha local government area, is partly sponsored by the Edo state government and is being developed by AIPCC Energy Limited.
The company announced that the fabrication of 6,000 barrels per day (bpd) modular refinery has been completed and will be inspected by officials of the Department of Petroleum Resources (DPR) before it will be shipped to Nigeria.
The Technical Director of the project, Mr. Tim Tian, disclosed that “the refinery will get its feedstock (crude) from the Nigerian Petroleum Development Company (NPDC)’s facility oil mining lease (OML) lll, near Benin City.”
According to Tian, “when operational, the refinery will produce from its feedstock 50 per cent of diesel (500,000 liters), 25 per cent of naphta (300,000 liters) and 20 per cent of fuel oil (200,000) liters.”
It would be recalled that Edo State government had approved the release of N700 million as redeemable preference shares (investment) in the Edo Refinery and Petrochemical Company Limited.
The take-off followed series of groundwork by the State government that led to the setting up of Edo Investment Scheme Limited, a Special Purpose Vehicle (SPV) to hold N2 billion investment funds in which the Ministry of Finance Incorporation (MOFI) and the Edo State Oil and Gas Producing Areas Development Commission (EDSOGPADEC) which are to hold shares of 20 per cent and 80 per cent respectively.
The project will facilitate the establishment of a fabrication yard and create basis for expertise, professionalism and further training in the oil and gas industry.
It will also boost the state’s investment in various initiatives across the oil and gas sector; petroleum exploration, drilling and filling station, sales and supply of gas, agro-allied products, petroleum and petrochemical products and other related businesses.