GTB 737 banner Yudala banner

Nigeria set to get new $15bn refinery

By Donald Ugwu on 09/05/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 796

•Petroleum Minister of State, Dr Ibe Kachikwu.
•Petroleum Minister of State, Dr Ibe Kachikwu.

The Nigerian Agip Oil Company (NAOC) has accepted to build a 150,000 barrels per day refinery in either Port Harcourt or Brass worth 15 billion US dollars, the Minister of State, Petroleum, Dr Ibe Kachikwu, said on Tuesday.

Kachikwu briefed State House Correspondents on the deal after a meeting with acting President Yemi Osinbajo with petroleum ministry, NAOC and NNPC officials at the Presidential Villa.

He said that Agip was also building a power plant and would repair the existing refinery in Port Harcourt to boost local production of petroleum products.

“The Acting President chaired two meetings this morning. The first was with the ministry of Petroleum, NNPC and Agip Oil Company.

“In the first meeting, we dealt largely with issues relating to Agip’s investment on Zabazaba Field and then their cooperation with us in terms of repairs of the Port Harcourt refinery where they are working with Oando and a few other people.

“And thirdly and more importantly, we reviewed, following my meeting with Agip during the OTC (over the counter) last week with their Chief Executive Officer worldwide.

“We reached an agreement that Agip would build a brand new refinery of 150,000 barrels capacity, which will be located either in Port Harcourt (Rivers) or in Brass (Bayelsa).

“And so, today they reconfirmed that and they are preparing an MOU along those lines.

“The effect of that new refinery goes back to our insistence that oil companies who work in this country would need to begin to migrate away from just exporting crude and begin to look at how to refine those crude and help our local capacity to be able to meet our consumption.”

The minister said that the new refinery, along with the work Agip is to do at the old refinery in Port Harcourt, would increase the country’s momentum in localising the capacity to produce every refined product.

He added that it would enable the country “to meet the timeline for 2019 that we have been targeting conceptually”.

“So, it is very welcome, deliberative, very successful meeting and we are looking forward to work with Agip going forward in working out the modalities and quickening the process to execute this major project.

“I would also be calling on other multinationals who occupy the same space to see what they can do both in the areas of power.”

Kachikwu also said that Agip was doing a second power plant that should be on stream by 2019 to 2020.

He said the objective was to ensure that the oil majors did not just take the crude and all the investments but that they would also see what they could do in terms of creating other related industrial growth paths.

“Total investment from Agip involved in both the Zabazaba field, the power plant and the new refinery is in excess of $15 billion. That is major push in terms of our search for investment,” the minister explained.

He noted that by the investment Agip would not take over the country’s refineries.

“They (Agip) are going to build their own refinery; it is not different from Dangote building a refinery.

“And if our own will pack up because they are doing then we must be doing something wrong.

“So, if they are going to bring best practices to the field we need to pursue those best practices because ultimately we must begin to look at an export model,” he added.

Kachikwu said that the administration was looking at how to position refineries in the country to supply the African market.

He explained: “so market protectionism is not going to be the answer. It is getting our own system up in excellent levels of performance to be able to march international standards.” (NAN)

Source News Express

Posted 09/05/2017 10:06:18 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Village Head, 3 others arrested for allegedly killing...

Court refuses to release Nnamdi Kanu’s cash and...

Police gets 11 new Commissioners, 1 Deputy Commissioner,...

Shell worried over Britain's possible exit from the...

Kidnapped Sierra Leonean Ambassador to Nigeria regains freedom...

Delta, FCT record new cases of meningitis

REIGN OF TERROR BY ONITSHA REVENUE COLLECTORS •CLO’s...

Abuja court to hear suit seeking APC’s deregistration...

Amaechi will be an asset to Buhari, a...

Akpabio Unity Choir breaks Guinness World Record

TETFund shares N213b to varsities, polytechnics

Renewed fighting claims 272 in South Sudan capital...

 

Latest News Champions League: Spurs surprise Real Madrid, Man City win, Liverpool run riot with goals Enugu Bishop remanded in prison over fraud Labour union hits Okorocha, demands immediate removal of Zuma’s statue in Owerri Osun, American firm strike $450m deal 5 ways to make your laptop battery last longer N5.1bn fraud: How Dudafa laundered money for Patience Jonathan — Witness Dasuki asks court to put off trial indefinitely •Insists on open trial Today’s Weather: Expect hazy conditions, localised thunderstorms — NiMet Edo plans Investment Summit to boost state’s economy NLNG MD outlines strategic development plan to boost gas production Buhari jets out for Turkey Wednesday for D-8 Summit, Ankara visit Lagos begins advocacy on emergency number

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (286,634 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (269,077 views) Shameless Genevieve Nnaji exposes breasts in public (217,845 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (183,082 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (179,173 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (161,656 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (140,079 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (128,545 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (123,368 views) Lagos plane crash: Journalist releases victims’ names (113,856 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (111,956 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (104,345 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (29) Business (2,724) Business Verdict (24) Columnists (754) Complaints & Requests (93) Enterprise & Opportunities (183) Entertainment (393) Features (497) Global Business Monitor (187) International (1,578) Interviews (134) Live Commentary (28) Love Matters (77) News (29,388) Opinion (824) Pidgin (8) Politics (3,980) Religion (645) Sports (1,338) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

#MonkeyPox outbreak

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!