The proposed refinery would have the capacity to process 5, 000 barrels of crude oil per day.
The Vice-Chairman, Waltersmith Petroman Oil Ltd, Danjuma Saleh, an indigenous marginal field operator, says it plans to invest $40 million (N6 billion) to build a refinery in Nigeria.
Mr. Saleh said this in Lagos on Thursday that the proposed refinery would have the capacity to process 5, 000 barrels of crude oil per day.
He said the refinery would commence operation before the end of this year.
The marginal fields are oil fields or wells that are nearing end of commercial life and whose production rates are lower than 10,000 barrels per day.
He said that evaluation and feasibility studies on the project had long commenced and that the refinery would produce aviation fuel and diesel.
He said that the company intended to assist in checking scarcity of some petroleum products caused by disruption in importation and pipeline vandalism.
“We will rely on indigenous banks to finance this project. Nigerian banks can support us with the money needed to bring the refinery on stream.
“We will focus on the segment of the market that is deregulated and whose return will ginger the banks to show interest in financing the project”.
Waltersmith Petroman Oil recently completed the first phase of the Ibigwe marginal field development in Ohaji/Egbema Local Government Area of Imo State.
The Ibigwe marginal field has gulped over $180 million (N27 billion) in investment so far.
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