• Wednesday, May 29, 2024
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BusinessDay

IPMAN acquires 1,000 hectares for $3bn refineries

 The Independent Petroleum Marketers Association of Nigeria (IPMAN) acquired more than 1,000 hectares in Kogi and Bayelsa for the proposed three billion Dollars (N495 billion) refineries, Chinedu Okoronkwo, IPMAN National President, said in Lagos on Monday.

IPMAN had earlier in July concluded a business deal with some international investors to build two refineries worth about three billion Dollars at Itobe, Kogi, and Abbe in Bayelsa.

The foreign investors had conducted feasibility studies on the project in August.

Okoronkwo said that the Federal Government had through the Minister of Petroleum Resources, Mrs Diezain Alison-Madueke, welcomed the investor’s initiative to commence work on the two refineries.

He urged the Ministry of Power to support the IPMAN refinery initiative by providing the sites access to the national grid.

He said when completed in 24 months, the refineries would initially produce about 200,000 barrels of petrol per day.

Okoronkwo said that IPMAN’s aim was to contribute in the management of existing national capital flight that characterised the oil and gas sector following the absence of a functional refinery.

“The cost of taking crude and bringing it back as refined products will be reduced. We want government to give us the necessary licences and enabling environment to operate,’’ he said.

NAN