USTDA reaffirms support for 20,000bpd modular refinery
The Acting Director, USTDA, Thomas Hardy who commended the management of Eko Petrochemical and Refining Company said during a project inspection in Lagos that they will continue to assist in sourcing for financiers through companies in America that will support the project for speedy completion of the refinery.
According to him, the project would not only lead to infrastructure development and economic growth in Nigeria, but also represents an opportunity for United State (U.S.) businesses to export technologies and services in support of Nigeria’s refining goals.
It would be recalled that in 2017, the U.S. Trade and Development Agency approved a grant of $1m (N360m) for the detailed engineering design of 20,000 barrel per day Eko Petrochemical modular refinery in Lagos.
He explained that the investment in the engineering design of Eko Petrochemical Refinery Project on Tomaro Island forward was to actualise and make a reality the vision of Capt. Iheanacho, adding that the idea was to bringing jobs into the Nigerian economy by expanding the petro-chemical industry in the country.
Hardy noted further that the move as well by the US government was to see a closer bilateral co-operation between the United State and Nigeria, “most importantly, invest in private companies and leaders in the business community.”
In her remark, USTDA’s Country Manager, Sub-Saharan Africa, Shannon Roe observed that one of the reasons why the agency came for inspection was to see the level of current activities at the place since the last visit in 2017.
She also expressed the hope that the proposed 20, 000 bpd production refinery would attract more investments to the country and develop the host communities.
Meanwhile, the Chairman of Eko Petrochemical Refinery Company, Emmanuel Iheanacho stated that the company had completed the planning stage, finished drawing-up of the feasibility map and the detailed work-front engineering which has met both the Department of Petroleum Resources’ (DPR) and America’s specifications.
The requirement to develop indigenous refining capacity on Nigerian soil is very high indeed, he said, adding that “Local refining capacity will allow us realise our ambitions with respect to import substitution potential, leading to great savings in scarce forex requirements.”
Iheanacho appealed to the government for support toward actualisation of the refinery, saying that “local refiners would facilitate the goals of value addition to our oil trade as well as lead to lower costs of consumed refined products in the country.
He said that 120 million US dollars was expected to complete the refinery, adding that they were awaiting some companies that had shown interest in financing the project and handling the Engineering Procurement and Construction (EPC).
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