(AGENDAWATCHDOG) – Edo State Governor, Godwin Obaseki, has disclosed that a modular refinery expected to process approximately 5500 barrels of crude oil per day, is about 70 per cent completed.
The refinery is being constructed by the Edo Modular and Refinery Company Limited, and AIPCC Energy, and is meant to recalibrate the state’s industrial base, birthed through a Memorandum of Understanding (MoU).
Obaseki, who spoke via a statement, said that the refinery, which is located at Ologbo in Ikpoba Okha Local Government Area (LGA), would produce from its feedstock 50 per cent of diesel (500,000 litres), 25 percent of naphtha (300,000 litres), and 20 percent of fuel oil (200,000) litres. The crude would be sourced from the Nigerian Petroleum Development Company’s (NPDC) facility – oil mining lease (OML) 111, near Benin City.
The governor informed that the Chinese consortium handling the construction of the refinery is made up of Peiyang Chemical Equipment Company of China (PCC), Sinopec International Petroleum Service Corporation (SIPS), and African Infrastructure Partners (AIP).
Proceeding, the governor said that the modular refinery is among the growing list of ongoing legacy projects through MoU with local and international private investors, which include the already completed 55MW CCTEC Ossiomo Power Plant; the ongoing Benin Enterprise and Industrial Park; and the Benin River Port, for which preliminary works are ongoing.
The governor added that the refinery was at 70 percent completion, assuring that it would soon be ready for commissioning, even as he intoned that the actualisation of the project was premised on smart thinking and financial savviness as the state had earlier approved the release of N700 million as redeemable preference shares (investment) in the refinery and Petrochemical Company Limited.
POTENTIAL IMPACT: The venture is expected to create legitimate employment opportunities thereby reducing poverty, provide job opportunities for teeming youths in the communities, facilitate the establishment of a fabrication yard as proposed by the promoters, and create a basis for expertise, professionalism and further training in the oil and gas industry. The local content component of the refinery project will also ensure that Edo citizens are trained in welding, refinery operation and fabrication work to enable them to participate in the construction of the refinery as well as its operation, post-commissioning.