IPMAN, foreign investors to build $3bn refineries The Independent Petroleum Marketers Association of Nigeria (IPMAN), and some international investors have concluded arrangements to build two refineries worth over $3 billion in Nigeria. This was disclosed by the delegation of the conglomerate, Watercarbonfield, which arrived in the country to undertake feasibility studies of the refineries projects expected to be sited in Kogi and Byaelsa states. Speaking to newsmen on arrival at the Nnamdi Azikiwe International Airport at the weekend in Abuja. Jose Arosemena Mosi, said the team was in Nigeria to commence the processes for the establishment of two refineries “We have come to look for business opportunities in Nigeria and possibly to start construction of refineries here. We are here to look how we can invest in refinery in Nigeria,” he said. Mosi said the cost of the project was not certain at the moment until an economic analysis was carried out within the next two to three months but added, however, that findings showed that the project was estimated to cost about $3 billion. The 200,000 barrels per day capacity refinery and petrochemical plants, according to him, will commence productions in the next two years. Mosi added: “We are here to look at the opportunities in Nigeria. We are ready to invest in refinery project in Bayelsa and Kogi states. We are ready for the challenges, we know the legislation, we know the law and we are ready.” This is a major step by IPMAN toward fulfilling its earlier promise of building a new refinery and petrochemicals plant in Nigeria as it welcomed core investors in the project to Abuja. Officials of the core investor in the project, Watercarbonfield, arrived Abuja airport and were received by the President of IPMAN and other executives. The investors would be touring the two states where the refineries would be sited as well as meeting governors and stakeholders relevant in the project. IPMAN President, Elder Chinedu Okoronkwo, said this was the first time in the history of the country that the association would be building capacity in the country, through the refinery and sustain the economy of the country. “The cost of taking crude and bringing it here will be reduced. We want government to give the necessary licences and environment to operate,” he said. Source: Sun News
Posted on: Tue, 22 Jul 2014 10:58:03 +0000