The Eko Petrochemical and Refining project has been launched for execution with a two-year timeline strategically proposed for completion.

The Chairman/CEO of Integrated Oil & Gas/Genesis Shipping Worldwide, Capt. Emmanuel Ihenacho, disclosed this in Lagos during the grant-award signing ceremony by United Sates Trade Development Agency (USTDA) and Eko Petrochemical & Refining Company Limited.

The colourful event also witnessed the formal inauguration of Capt. Ihenacho’s 75,000-hectare Tomaro Industrial Park as Oil and Gas Free Trade Zone (FTZ) by Hon. Emmanuel Jime, Managing Director, Nigerian Export Processing Zones Authority (NEPZA).

The Imo-born businessman and oil magnate, explained that his vision to establish a 20, 000 bpd modular was conceived to create jobs, grow the economy and manufacturing as well as end massive importation of refined petroleum products, which he said has militated against economic and infrastructural development owing it has always mounted on the exchange rate.

Ihenacho, a former Minister of Interior, added that thousands of jobs lost in Nigeria owing to endless importation of petroleum products are on the other hand being created far away Europe and other refined products exporting nations, adding that Nigeria, a nation naturally endowed with crude resources has no reason to import refined products.

The former Minister lauded the American government and its agency-USTDA for identifying with his vision towards advancing the Nigerian economy and also expressed his gratitude for offering a grant of $1million to Eko Petrochemical & Refining.

“We appreciate USTDA supporting our company’s infrastructure development plan. The funds received will help ensure the timely completion of the proposed development and the attainment of the underlying economic and social impacts envisaged,” Ihenacho said.

On the Free Trade Zone (FTZ) status for the 75,000-hectare Tomaro Industrial Park, Ihenacho also thanked the Federal Ministry of Industry, Trade and Investment and its licensing authority, NEPZA as well as Federal Ministry of Petroleum Resources for the privileged status and the enabling environment.

Also speaking, the US Ambassador to Nigeria, W. Stuart Symingnton, described Ihenacho as a visionary, disciplined and upright businessman, practically committed to improving the economy of Nigeria by changing the narratives in the oil and gas sector.

He said: “We are extremely happy with this retired ship captain that has now become the pilot of the Nigerian economy. We share his great vision and plans for Nigeria and its oil and gas sector sector. Let me say that American government is happy to partner with Eko Petrochemical and Refining project as envisioned by Capt. Ihenacho and his company. This man has elected to walk the high-road of not complaining or criticising until he had exhausted all problem-solving efforts, and should, thus, serve as a model to other Nigerians,” Symingnton posited.

The Acting Director, USTDA, Thomas R. Hardy, while also commending Ihenacho on his vision said: “We are proud to support this new project, which will lead to infrastructure development and economic growth in Nigeria. This project represents an excellent opportunity for US businesses to export technologies and services in support of Nigeria's refining goals.”

In his goodwill message, the Project Director, Eko Petrochem & Refining, Mr. Godon Paton, said the company was committed to Nigeria's industrial transformation hence the project is envisioned to enhance local manufacturing, promote export substitution, create job opportunities in Nigeria and prioritising corporate social responsibility.

The Minister of Petroleum Resources, Ibe Kachikwu, who was represented by a Director in his Ministry, Engr. Rabiu Suleiman, applauded the vision of Capt. Ihenacho and pledged to give all necessary support such as duty waivers and engineering reviews to ensure the actualisation of the project.

The Managing Director of NEPZA, Hon. Emmanuel Jime, who formally inaugurated Tomaro Industrial Park as a Free Trade Zone (FTZ) following President Mohammadu Buhari's approval, hailed Capt. Ihenacho’s vision to invest in the Free Zone scheme.

“Ihenacho, whom we all know has carved a niche for himself in the maritime industry, has now bought into the Free Zone Scheme. It is the hope of all that the merchant-navy ship captain who has become a successful captain of industry, will go on to also become a successful Free Zone,” Jime said.

Recall that Eko Petrochem and Refining Company owned by Capt. Ihenacho had selected VFuels, LLC to carry out the study, which will provide technical analyses, engineering and design needed to advance the 20,000 per day refinery. The modular refinery will promote infrastructure development by increasing Nigeria’s local refining capacity.