Executive Secretary, Simbi Wabote of NCDMB
Seven licensed refineries with the flexibility to course of 181,000 barrels of crude oil per day (bpd) have progressed in the direction of completion stage of their try to contribute to Nigeria’s self-sufficiency in petroleum refining.
For instance, the 5,000 bpd Waltersmith Refining & Petrochemical Company Limited’s modular plant, which is able to producing naphtha, kerosene, diesel, and low pour gasoline oil has made important progress.
The firm’s Approval To Construct (ATC) has been granted by the Department of Petroleum Resources (DPR) whereas Engineering, Procurement and Construction (EPC) contract phrases have been agreed with VELEM.
The Environmental Impact Assessment (EIA) evaluate session with DPR has been carried out and the corporate is closing out funding with Africa Finance Corporation.
Also, the Nigerian Content Development and Monitoring Board (NCDMB) on Friday in Lagos signed a $10 million fairness funding settlement with Waltersmith Refining & Petrochemical Company Limited for the development of 5,000 barrels per day modular refinery to be positioned at Ibigwe, Imo State.
Other corporations, which have made related progress are Clairgold Oil & Gas Engineering Limited, Niger Delta Petroleum Resources, Dee Jones, Energia Limited, Southfield Petrochemical & Refinery Limited, and Starex Petroleum Refinery Limited.
The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote and the Director of Finance and Personnel Management, Mr. Isaac Yalah signed on behalf of the Board whereas the Chairman of Waltersmith, Mr. Abdulrasaq Isah and the Executive Vice-Chairman, Mr. Danjuma Sale signed for the corporate.
Under the Shareholders Agreement and the Share Subscription Agreement, the Board took 30 % fairness within the modular refinery.
The Executive Secretary of NCDMB, Engr. Simbi Wabote stated the funding resolution was consistent with the Board’s imaginative and prescient ‘to be the catalyst for the industrialization of the Nigerian oil and gas industry and its linkage sectors.’
The Board was additionally eager, he additionally stated, to help the Federal Government’s coverage on modular refineries and meet the important thing goals of the Petroleum Industry’s Seven Big Wins launched by President Mohammed Buhari in October 2016 and the Economic Recovery and Growth Program (EGRP).
As said by him, “we have our exit strategy in place to ensure that the refinery reverts back as a fully owned, privately run modular refinery as our role is clearly defined as a catalyst.”
He additionally recommended Waltersmith for growing a bankable proposition, stating that “they sorted out the project feasibility, regulatory approvals, and other pertinent details before reaching out to the Board with the value they are bringing to the table and a clear definition of the support they seek.”