38 Investors Indicate Interests in Modular Refineries, says Presidency

The Presidency on Saturday said 38 mini-modular refineries investors have so far indicated interests in the establishment of modular refineries in the Niger Delta as part of the Federal Government’s new vision for the area.

The Senior Special Assistant to the Vice-President on Media and Publicity, Mr. Laolu Akande, disclosed this in a statement made available to journalists.

He said the information was part of the reports received at a recent end-of-the-year review meeting of the Niger Delta Inter-Ministerial Committee presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

He disclosed that 10 of the refineries investors are at advanced stages of development.

“The advanced stage of development means that these projects have passed the Licence to Establish stage, while some have the Authority to Construct licence or close to having it because they have met some critical requirements in the licensed stage.

“There are three stages in the process of refinery establishment; Licence to Establish, Authority to Construct and Licence to Operate,” he explained.

Akande added that so far, 10 modular refineries are located in five out of the nine states in the Niger Delta region.

He listed the states to include Akwa Ibom, Cross River, Delta, Edo and Imo.

He explained further that two out of the10 – Amakpe Refinery meant to be located in Akwa Ibom, and OPAC Refinery to be based in Delta State – have their mini-refineries modules already fabricated, assembled and containerised overseas, ready for shipment to Nigeria for installation.

He put the proposed refining capacities of the 10 licensed refineries at 300,000 barrels.

Source: Punch