Independent ​​petroleum marketers acquire 1,000 hectares for refineries in Kogi, Bayelsa

The Independent Petroleum Marketers Association of Nigeria, IPMAN, on Monday announced its commitment to provide leadership in establishing private refineries.

The IPMAN National President, Chinedu Okoronkwo, said t​he association had acquired more than 1,000 hectares in Kogi and Bayelsa for the proposed US$​3 billion (N495 billion) refineries.

IPMAN had earlier in July concluded a business deal with some
international investors to build two refineries worth about three
billion Dollars at Itobe, Kogi, and Abbe in Bayelsa.

The foreign investors had conducted feasibility studies on the project
in August.

Mr. Okoronkwo said the Federal Government had through the
Minister of Petroleum Resources, Diezani Alison-Madueke, welcomed the
investor’s initiative to commence work on the two refineries.

He urged the Ministry of Power to support the IPMAN refinery
initiative by providing the sites access to the national grid.

He said when completed in 24 months, the refineries would initially
produce about 200,000 barrels of petrol per day.

Mr. Okoronkwo said that IPMAN’s aim is to contribute in the management
of existing national capital flight that characterised the oil and gas
sector following the absence of a functional refinery.

“The cost of taking crude and bringing it back as refined products
will be reduced. We want government to give us the necessary licences
and enabling environment to operate,” he said.

(NAN)


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  • tsunami1earthquake

    Let’s hope the government will not frustrate this move since such would go against the present cash cow provided in the shipping of crude to foreign countries and bringing it back as refined products. The perpetrators of this evil practice know that repairing existing refineries would spoil their source of dirty money.

    • Peter Perceival

      Government-owned refineries cannot function in Nigeria because “government property is nobody’s property” in Nigeria. Sell those refineries to genuine private investors and watch what would happen. But our all-powerful NLC would not let that happen. In my view, if you sell all those refineries for $1 (yes, one dollar) to capable investors, without repairing them, but with a bond to make them function, Nigeria would be better for it. Right now, those refineries are a cash drain to the nation. They make ZERO profit but gulp a lot of money in phoney turn-around maintenance (TAM) – basically a scheme for sharing money.

  • Peter Perceival

    I hope these people really know what it takes to build a refinery. I suspect they don’t, otherwise they would not be talking of completing a refinery in 24 months from the time of land acquisition. They should find out why none of the 18 licenses the government gave to private investors over 8 years ago to build refineries has translated to a real refinery. No one frustrated them – the economics just does not fly. As long as the government controls the price of refined products, no prudent investor will put his money into building a refinery. If you don’t believe me, wait until it gets to taking FID (Final Investment Decision). I can assure you, none of those potential foreign investors will sign on the dotted line!

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