NCDMB To Issue Equity Investment For 17,000bpd Refineries
The Nigerian Content Development and Monitoring Board is providing equity investment for the establishment of two modular refineries in Imo and Bayelsa states that will produce a total of 17,000 barrels of crude oil per day.
The Executive Secretary of the board, Simbi Wabote, told journalists in Abuja on Monday that the modular refineries were part of the achievements of the agency since he assumed office in November 2016.
He said, “Another major achievement under our technical capability pillar is the provision of equity investment to catalyse the establishment of 5,000 barrels per day modular refinery by Waltersmith Refining and Petrochemical Company Limited in Ibigwe, Imo State, and in the 12,000 barrels per day Hydroskimming modular refinery by Azikel Petroleum Limited at Obunagha, Gbarain, Bayelsa State.
“The Waltersmith refinery is on track for completion in May 2020, while the Azikel refinery would be completed in 2021. We expect about 300,000 litres of diesel daily in addition to various volumes of naphtha, kerosene, and fuel oil from Waltersmith, while Azikel will produce about 1.5 million litres or 50 trucks of petrol daily, including 170,000 litres of diesel and other products.”
Wabote added, “Both modular refinery projects have huge prospects for jobs creation, value retention, petroleum products availability and the development of in-country capability.
“They fit perfectly with our vision to serve as a catalyst for the development of Nigeria’s oil and gas sector.”
He pointed out that one of the first frameworks championed by his team when he assumed office was the development of the Nigerian Content 10-Year Strategic Roadmap.
According to him, the roadmap documents the short, medium, and long-term targets to increase Nigerian content performance from 28 per cent to 70 per cent by 2027.
“The key rewards from the implementation of the 10-year roadmap are the creation of 300,000 jobs from industry activities and the retention of $14bn in-country out of the $20bn annual industry spend,” Wabote stated.