Friday, 3rd February 2023
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Gasoline to bridge energy gap with 100,000bpd refinery

As scarcity of the premium motor spirit (PMS), popularly called petrol, continues to spread across many states in the country, as a result of drop in supply by the Nigerian National Petroleum Company Limited

The Olowu of Owu Kingdom, Prof. Saka Matemilola (left), Ogun State governor, Prince Dapo Abiodun (MFR) and Chairman/CEO, Gasoline Associates Int’l Ltd, Dr. Lukman Bolaji – Chairman/ CEO, Gasoline Associates Int’l Ltd. during a courtesy visit to the governor in Abeokuta.

As scarcity of the premium motor spirit (PMS), popularly called petrol, continues to spread across many states in the country, as a result of drop in supply by the Nigerian National Petroleum Company Limited, the inability to access foreign exchange at the official rate, and the continued subsidy on PMS, among others, Gasoline Associates International Limited has reinstated its commitment to bridging the energy demand and supply gap in the country.

Gasoline, the license holder and promoter of a 100,000 barrels per day refinery and petrochemical plant located at Ipokia, Ogun State, is a foreign direct investment (FDI) that seeks to turn the country into a net exporter of petroleum products.

Speaking ahead of a press conference to herald the groundbreaking commencement of the project’s implementation, Lola Ogunbambi, Executive Director, Corporate Affairs of Gasoline, said the enterprise is driven by the public-private partnership initiative of the Ogun State Government and the Federal Government, under the leadership of President Muhammadu Buhari.

The project, Ogunbambi noted, is a Sino-Nigeria collaboration with a cost outlay of $5 billion, and is situated on approximately 812 hectares of land along the coastal plain of the River Yewa in the North of Badagry Lagoon and the Bight of Benin.

“Gasoline has engaged the partnership of a world-class Chinese consortium led by FL Engineering Inc. to deliver on this laudable project in Nigeria. Our Engineering, Procurement, Construction, and Management (EPC&M) Consortium is a well-balanced team with proven capacity, combining the advantages of China, Taiwan, and America in the delivery of an impeccable and advanced world-class optimised integrated technology within a 36-month period.”

Ogunbambi further disclosed that the organisation is in the process of acquiring an oil field with the prospect of OML on Tongeji Island (20 kilometers from the proximal coastline of the refinery site), for oil exploration to serve the oil refinery complex on a sustainable basis.

“This will ensure feedstock availability in addition to NNPC assurances. Given the refinery’s advantageous location, feedstocks and finished products can be transported efficiently via pipelines and inland waterways, reducing the need for road infrastructure and preventing gridlock on the highway. The development of an offshore jetty with integrated pipeline and barge will guarantee efficient product transportation,” she said.

While listing the socioeconomic benefits of the project on completion, Ogunbambi assured that Gasoline would offer numerous benefits to the host communities, Ogun State Government and Nigeria at large.

“Generally, the capital inflow of $5billion through FDI will stimulate growth and development in the Nigerian economy, plus the creation of over 3,000 direct and 20,000 indirect employment opportunities with special consideration for host communities. Besides, this project will contribute to the growth in the Internally Generated Revenue (IGR) of the Ogun State Government, as well as provide cutting-edge technology transfer and skill development to Nigerians.

“We have a 60-megawatt power plant to serve as an ancillary facility to the refinery and generate electricity to the refinery and its environs, which will guarantee rural industrialisation and development along the investment corridor.”