The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the ministry of power to help it further its planned construction of two refineries in Kogi and Bayelsa States by providing it access to electricity and transmission facilities.
IPMAN recently concluded business arrangements with a number of international investors to build two refineries worth over $3 billion at Itobe and Abbe both in Kogi and Bayelsa States respectively.
A delegation of its business partners for the refinery projects, Watercarbonfield, arrived Nigeria penultimate Sundaywith the view to undertake feasibility studies of the refineries projects.
However, the association told the Minister of Power, Prof. Chinedu Nebo when it paid a courtesy visit to him in Abuja that it will appreciate the ministry’s support of its projects with access to electricity in the refinery complex.
However, the association told the Minister of Power, Prof. Chinedu Nebo when it paid a courtesy visit to him in Abuja that it will appreciate the ministry’s support of its projects with access to electricity in the refinery complex.
Nebo in his consideration of the request told the association that such request for Independent Power Project (IPP) for the two plants will be granted. He also noted that the Kogi State location of the plant was strategic considering the existence of already built power generation and transmission infrastructure in the area.
The minister further explained that ministry will leverage on its existing good working relationship with the ministry of petroleum resources to bring the project into reality. “This existing synergy will be fully exploited to ensure the realisation of the projects on record time,” Nebo added.
Earlier, the leader of the delegation, Jose Arosemena Masi had explained that the team was in Nigeria to commence establishment of the two refineries
Masi said: “We have come to look for business opportunities in Nigeria and possibly to start construction of refineries here. We are here to look at how we can invest in refinery in Nigeria.”
According to him, the cost of the project is not certain at the moment until an economic analysis is carried within the next two to three months. Indications, however suggests that the project is estimated to cost about $ 3 billion.
When completed in the next two years according to IPMAN, the refinery will have a 200,000 barrels per day refining capacity.
A factional leader of IPMAN, Chinedu Okoronkwo also told Nebo during the visit that the association was poised to add-value to its activities in the oil and gas sector.
He stressed that IPMAN will also redress the existing capital flight that has characterised the oil and gas sector as a result of lack of adequate refinery facilities in the country. “The cost of taking crude and bringing it here will be reduced. We want government to give the necessary licences and environment to operate”, he added.
A factional leader of IPMAN, Chinedu Okoronkwo also told Nebo during the visit that the association was poised to add-value to its activities in the oil and gas sector.
He stressed that IPMAN will also redress the existing capital flight that has characterised the oil and gas sector as a result of lack of adequate refinery facilities in the country. “The cost of taking crude and bringing it here will be reduced. We want government to give the necessary licences and environment to operate”, he added.
SOURCE; THISDAY
http://www.thisdaylive.com/articles/ipman-seeks-access-to-quality-power-for-3bn-refinery-project/184798/
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