The Federal Government and Epic Refinery and Petrochemical Industries have signed a Memorandum of Understanding (MoU) to establish a refinery that could create 100,000 new jobs.
Samuel Ortom, the Minister of State for Trade and Investment, signed on behalf of the Federal Government while Barango Wenke signed for Epic Refinery.
Mr. Wenke, the Managing Director of the company, said the firm would inject 7.5 million dollars into the project.
According to Wenke, the plant will refine 100,000 barrel of oil per day and will be located at Oporoma in Bayelsa State.
The managing director said the project would be executed in conjunction with the company’s technical partners, Sino Asia Energy Group Company Ltd (SAE).
“The impact of this project can never be over emphasised with an anticipated creation of over 100,000 jobs and more than 180 petrol stations across the nation.
“With electricity generation of over 500 megawatts and their multiplier effects on the economy, no one is in doubt of the enormous benefits of this project to the country and Africa as a whole,” he said.
He said the Federal Ministry of Trade and Investment had assisted the group to establish the new company in Nigeria.
The managing director gave the assurance that the project would be completed within 24 months.
“Our partners are determined, focused and ready for its early completion,” he said.
On his part, the minister commended the group for the project, adding that refineries and petrochemical firms are crucial to the industrial development of the country.
He said the administration is determined to develop industries in areas where the country has comparative advantage.
Mr. Ortom assured the group of the government’s support, adding that “there are a number of incentives lined up for investors in oil and gas sector”.
The minister expressed optimism that the new company would not only create jobs but also alleviate poverty among Nigerians and Africans in general.