(AGENDAWATCHDOG) – The Department of Petroleum Resources has announced that the 5,000 barrels per day Waltersmith Modular Refinery project in Imo State is ready for operations, according to the DPR’s Director, Sarki Auwalu, who revealed this during a pre-commissioning visit to the project site located in Ibigwe, Imo State.
The 5,000bpd modular refinery, scheduled for official inauguration this month, has a crude oil storage capacity of 60,000 barrels and is projected to deliver over 271 million litres per year of refined petroleum products. Other petroleum products include diesel, kerosene, naphtha and heavy fuel oils to the domestic market. The bulk of the crude supply for this phase will come from Waltersmith’s upstream business with backup from nearby third-party crude.
According to the Chairman, Waltersmith Refining and Petrochemical Company, Abdulrasaq Isah, the 5,000bpd plant was the first phase of a series of refinery development which would culminate in the delivery of up to 50,000bpd refining capacity.
Waltersmith Refining and Petrochemical Company obtained License to Establish from DPR in June 2015 and obtained authority to construct in March 2017. The company partnered the Nigerian Content Development and Monitoring Board, who are 30 per cent equity holders, while the Africa Finance Corporation committed significant financing to the project, as Waltersmith signed an EPC contract in June 2018 with a consortium of Vfuels and Lambert Electromec.
POTENTIAL IMPACT: The plant, when fully operational, will increase the country’s refining capacity, create jobs and increase revenue generation.