A group of Swedish investors has expressed their interest in partnering with the Gbaramatu Kingdom in Delta state to kickstart the financing of the Gbaramatu Modular Refinery project.

The multi-billion dollar project, which has faced challenges in securing funding in the past, aims to attract foreign direct investment, boost the states economy, create employment opportunities, and enhance Delta states overall investment profile.

The Executive Assistant on External Relations and Diaspora Affairs to the Delta State Governor, Dr. Sunny Ofehe, who disclosed this over the weekend, hinted that the Swedish investors took interest in the project after meeting with the monarch of Gbaramatu Kingdom.

Ofehe and a team from a Dutch consortium firm visited Oporoza, the ancestral headquarters of Gbaramatu Kingdom to gather information about the project at the weekend.

Gbaramatu Kingdom is the country home of former Niger Delta militant leader, High Chief Government Ekpemupolo, popularly known as Tompolo.

Already, the Swedish investors and the Dutch consortium firm including Gbaramatu Kingdom representatives have entered into a non-disclosure agreement and are currently working on the necessary documentation for the project.

The projects location to be sited within Chanomi creek, its proximity to the sea, and the security situation were assessed during the visit by the delegation.

Ofehe said that if successful, the project has the potential to significantly boost Delta states economy, improve its foreign direct investment profile, and generate employment opportunities.

The Swedish consortium is estimated to invest around $400 million in the project, with the modular components potentially sourced from Sweden.

According to him, the financing and return on investment for the project are major considerations that need to be addressed hence the visit to Gbaramatu Kingdom..

Ofehe said that he became interested in the project which already has the federal government licensing and Nigeria National Petroleum Company Limited (NNPCL) approval for crude supply after the Pere of Gbaramatu Kingdom, His Royal Majesty, Oboro-Gbaraun II, Aketekpe, Agadagba, met him in Paris and solicited for intervention to secure investors for the multi-billion dollar project.

We were in the Gbaramatu kingdom to inspect the modular refinery project site.

Actually Gbaramatu Kingdom had this project planned since 2016 and they have been looking for financing for it.

I met with His Royal Majesty, Oboro-Gbaraun II, Aketekpe in Paris and he told me about the project and I assured him that I was going to look into my network if we could get a financial institution that could finance the project.

Somehow I managed to secure one from Sweden. I was in Stockholm, Sweden last week and we had a robust discussion with the investors.

We have entered into an NDA agreement, though our mission today was to go to the Kingdom, meet with all the stakeholders including the King himself, all of the Chiefs and several people that have been involved in this project.

But most importantly to check the location and see how close this refinery will be to products.

We are going back now to put all of this information together and go back to Sweden to make the presentation on behalf of the Kingdom.

We are very hopeful that we will come up with the needed financing for the project and it would be good for the state most importantly because just recently the NBS report says that 27 states out of 36 states of the country couldnt generate a single dollar FDI and unfortunately Delta state is among them.

So if we are able to bring this to the state, it will definitely propel Delta state to become the third in terms of foreign direct investment

So capital importation will definitely boost the IGR for the state, increase our FDI profile and create jobs for the people and of course we will get other corporate social responsibilities in the course of developing this project.

We are looking at $400 million dollars averagely so far Swedish consortium have said that we will get the modular project from Sweden and we dont know how much that would be valuable.

$400million is based on getting the modular itself from the United States so we will have to review that when we go back but what is most important is to ensure that there will be security on the investment and guarantee on return on investment for the project, Ofehe said.

Addressing the delegation at the monarchs palace, High Chief Wellington Okrika, said that the project has long reached the advanced stage of its planning, saying that every documentation that needed to be done for its takeoff has been done.

He said that once the Swedish investors who have now shown interest to finance the project okays the documentation done by the Delta Meet the World Dutch consortium firm led by Diederik Bos, the friendly business environment that would encourage the take-off of the project is guaranteed.

Speaking, the monarch, Pere Oboro-Gbaraun II, Aketekpe, expressed delight that the project is coming back on stream after about seven years of failed attempts to secure investors for it.

He said that Gbaramatu where the project is to be sited is synonymous to peace, stressing that the area is safe, secure and one of the most peaceful business friendly environments in the Niger Delta region.

We have the crude and gas for the refinery to strive and we can also assure you that we have adequate security here.

In Short we are security ourselves. When they told me you were coming , I told them not to come with security because we needed to correct the impression that people have about the Niger Delta waters.

Today you didnt come with security because we have assured the people that so long as youre coming to Gbaramatu you are secure and safe.

You can see for yourselves that we are safe and secure here.

Tompolo, our son is the one ensuring surveillance for the pipelines in the Niger Delta. We worked together to achieve the peace in the Niger Delta and he is very much aware of your coming to our Kingdom but he is unavoidably absent because he is busy with the national assignment.

I can assure you that everyone is excited that we have found investors for this project. The site location is ok. Its within Chanomi creek, near camp 5 which is now a military base and I can also assure you that NNPCL has given us a good ahead and that they will supply the needed crude, the monarch disclosed.

In his remarks, the Dutch consortium firm led by Diederik Bos, speaking on behalf of the Swedish investors, thanked the monarch for the warm reception accorded them, saying that they are very much willing to come to Delta to implement the necessary paperwork for the takeoff of the project.

I am excited to be here, and I have seen things for myself. When we go back, we will do our presentation and I hope to come back next time with our Swedish investors, he assured.

Ofehe said that with the support and cooperation of all stakeholders, the Gbaramatu Modular Refinery project is poised to contribute significantly to the States economic development

He said the project has the potential to not only boost the state government internally generated revenue but also increasing its foreign direct investment profile.(Sunday Sun)

Swedish investors at the place of Pere Oboro-Gbaraun II, Aketekpe of Gbaramatuu Kingdom in Delta state