38 investors ‘interested’ in building modular refineries in Niger Delta - FG

The presidency says 38 licensed privately financed greenfield and mini-modular refineries investors have shown interest in the establishment of modular refineries in the Niger Delta.

Laolu Akande, presidential spokesman, said the proposed investment will re-position the petroleum industry and ensure self-sufficiency of petroleum products.

Akande said not less than ten of the 38 interested investors are at an advanced stage of development.

“So far, 10 modular refineries are located in five out of the nine states in the Niger Delta region; namely Akwa Ibom, Cross River, Delta, Edo and Imo states,” the statement read.

“Also, two out of these 10 – Amakpe Refinery meant to be located in Akwa Ibom, and OPAC Refinery to be based in Delta State – have their mini-refineries modules already fabricated, assembled and containerized overseas, ready for shipment to Nigeria for installation.

“The total proposed refining capacities of the 10 licensed refineries stands at 300,000 barrels.”

According to the statement, Vice-President Yemi Osinbajo said at an end-of-the-year review meeting of the Niger Delta inter-ministerial committee that the federal government is making efforts to implement development projects in line with its new vision for the region.

Osinbajo was quoted to have said the President Muhammadu Buhari-led administration is committed to promoting the establishment of privately financed modular refineries so as to increase local refining capacity, create jobs, ensure peace and stability in the region.

He directed the ministry of petroleum resources to keep providing the necessary support for positive investments in modular refineries by engaging key government agencies.

He also noted the importance of ensuring that the oil communities have a stake in the modular refineries and directed that an appropriate model be developed to achieve that.