By Kevin Okunzuwa
Edo Government says the ongoing Modular Refinery
project at Ologbo in Ikpoba-Okha Local Government Area of the state, will drive
the state’s industrial revolution quest.
Mr Crusoe Osagie, Special Adviser to Gov. Godwin
Obaseki on Media and Communication Strategy, made this known in a statement
made available to the News Agency of Nigeria (NAN) in Benin on Sunday.
He said the Edo Modular and Refinery Company Ltd.
and AIPCC Energy, were on the verge of completing the 5,500bpd Edo Modular
Refinery, now at 70 per cent completion stage.
“This is a key legacy project by the Gov. Godwin
Obaseki-led administration to recalibrate the state’s industrial base, birthed
through a Memorandum of Understanding (MoU).
“The project, sited at Ologbo in Ikpoba Okha Local
Government Area, would produce from its feedstock 50 per cent of diesel
(500,000 litres), 25 per cent of naphtha (300,000 litres) and 20 per cent of
fuel oil (200,000) litres.
“The crude is to be sourced from the Nigerian
Petroleum Development Company’s (NPDC) facility – oil mining lease (OML) 111,
near Benin City.
“The Chinese consortium handling the construction of
the modular refinery is made up of Peiyang Chemical Equipment Company of China
(PCC), Sinopec International Petroleum Service Corporation (SIPS) and African
Infrastructure Partners (AIP),” he said.
Osagie said the modular refinery project was among
the growing list of ongoing legacy projects through MoU with local and
international private investors, which included the 55MW CCTEC Ossiomo Power
Plant, which had been completed and ready for use.
“The Benin Enterprise and Industrial Park, which
development is ongoing and the Benin River Port, for which preliminary works
are ongoing,” he said.
He said the governor was committed to resetting the
economy of the state for prosperity and industrial growth.
According to him, the local content component of the
refinery project ensures that Edo citizens are trained in welding, refinery
operation and fabrication works to enable them participate in the construction of
the refinery as well as its operation, post-commissioning.
“The refinery is at 70 per cent completion and we
are very sure that it will soon be ready for commissioning,” Osagie said.
He added that the actualisation of the project was
premised on the governor’s smart thinking and financial savviness from which he
mobilised funds and resources to initiate and execute the project.
“Recall that the Edo State EXCO approved the release
of N700 million as redeemable preference shares (investment) in the Edo Refinery
and Petrochemical Company Ltd.
“The venture is expected to create legitimate
employment opportunities, thereby reducing poverty, provide job opportunities
for teeming youths in the communities.
“To facilitate the establishment of a fabrication
yard as proposed by the promoters and create basis for expertise,
professionalism and further training in the oil and gas industry.
“The take-off of the Edo Refinery and Petrochemicals
Company benefits from a series of groundwork by the Obaseki-led administration
that led to the setting up of Edo Investment Scheme Ltd.
“A Special Purpose Vehicle (SPV) to hold N2 billion
investment funds in which the Ministry of Finance Incorporation (MOFI) and the
Edo State Oil and Gas Producing Areas Development Commission (EDSOGPADEC) are
to hold shares of 20 percent and 80 per cent respectively,” he said.
Osagie noted that the project would facilitate the
state’s investment in various initiatives across the oil and gas sector,
petroleum exploration, drilling and filling stations, sales and supply of gas,
agro-allied products, petroleum and petrochemical products and other related
businesses.
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