• Tuesday, April 16, 2024
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MIDOil to build 100,000bpd modular refinery in Lagos

MIDOil to build 100,000bpd modular refinery in Lagos

MIDOil Refining and Petrochemicals Company Limited has finalised plans to begin the construction of a 100,000 barrels per day modular refinery at Sekungba/Ejinrin, Ikosi/Ejinrin Local Council Development Area of Lagos State.

Elizabeth-Omolara Akintonde, the executive chairman of MIDOil, revealed this information recently during the unveiling of a three-in-one investment opportunity.

Akintonde said she first discussed the idea of building a refinery more than ten years ago with Hajiya Amina Abdullahi, an official of the Nigerian National Petroleum Corporation during that time.

“As a marketer of refined petroleum products since 1984, I saw the need to contribute to the growth of our dear country, Nigeria, and Hajiya Amina Abdullahi agreed. This gave birth to the present move to establish a modular refinery in Lagos State,” she said.

According to Akintonde, she registered the refining company on April 12, 2012, and then she purchased a sizable tract of land from the government of former Governor Babatunde Fashola. She also stated that she obtained the land allocation letter from the Lagos State Government on April 24, 2014.

Addressing the project delay, Akintonde said, “It has taken MIDOil 10 years to secure interested investors willing to invest in Nigeria and our project. But to the glory of God Almighty, we now have three consortiums of investors willing to invest $5bn with us.

“The sourcing of the investment from overseas and the required licenses from the agencies of the Nigerian government, like the Nigerian Upstream Petroleum Regulatory Commission, the Federal and State Ministries of Environment, the state Ministry of Waterways, the Nigerian Navy, and the police, have been the major reasons for the delay.”

Akintonde advised the Lagos State Government and local leaders to rein in the excesses of land grabbers in the state while giving checks to the host communities.

She expressed alarm over the wave of land grabbing in the villages where the refinery would be located, and she urged the government to teach traditional settlers to support efforts by companies to develop their communities for the better.

Akintonde said the proposed modular refinery’s groundbreaking is set for July 12. She added that the establishment of MIDOil filling stations around the country would also fall under this.

After the Dangote oil refinery in Lagos, the 100,000 barrels per day refinery will be the second largest in the city.