Plans have been concluded by the Federal Government to establish six modular refineries in Nigeria by USA investors and their Nigerian partners, estimated to gulp 84.5bn when completed.
Perceived by pundits as a radical paradigm shift by Dr. Goodluck Ebele Jonathan’s administration, from the old ways of activities that has bedeviled the oil sector of the Nigerian economy over the years. Our economy has basically tilted towards export orientation, of both raw materials and jobs, especially to countries in the western hemisphere.
Therefore, this collaborative effort between a USA and Nigeria joint venture group, Vulcan Petroleum Resources Ltd and Petroleum Refining and strategic Reserve Ltd as well as NNPC, is a welcome development, to help boost the refining of crude oil in Nigeria.
When completed, the six modular refineries would be reputed to have a combined capacity of refining 80,000 barrels of petrol, diesel and kerosene.
Giving an insight of the modularity of the refineries, a top official of its Nigerian counterpart, Mr. Njoku stated that it was far easier to construct and maintain such refineries any where and could also be relocated when the need arises. Mr. Njoku further assured that his company was ever ready to collaborate with their foreign technical partners and the regulatory authorities to ensure the timely completion of the project.
In response to a further probe on the actual time frame to complete the six refineries, he stated that it will take approximately six months to construct each refinery in the USA, another one month to test and dismantle the refinery for shipping, one month to commence shipment of the refinery complex to Nigeria, followed by 4 — 5 months to re-assemble the refinery and commence full production.
Speaking at the agreement signing ceremony, Mr. Olusegun Aganga, the minister of Trade and investment, who endorsed the agreement on behalf of the FG, opined that the project represented a major milestone in FG’s plan towards industrial revolution, job creation and wealth generation.
The Vice-President/Director Vulcan Petroleum Resources, Mr. Jim Mansfield and the chairman of petroleum Refining and strategic Reserve, Mr. Edozie Njoku, endorsed on behalf of their respective companies.
Commenting earlier on the project the leader of the foreign technical partner to the MOU signing agreement, Mr. Jim Mansfield also expressed delight that the planned investment was an indication that the non-Nigeria funding source of the project, firmly attests that Nigeria was a safe heaven to do business.
The minister of Trade and Investment, once more, reiterated his optimism that by the collaborative efforts, the team would ensure that in 12 months time, the inauguration of the refineries would see the light of the day.###
By Azuka Dibie
