Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the td-cloud-library domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/vhosts/economicconfidential.com/httpdocs/wp-includes/functions.php on line 6121
Waltersmith Modular Refinery Ready for Operations - DPR - Economic Confidential
Facebook Instagram Twitter Youtube
  • Home
  • News
    • National News
    • State News
  • Business
  • Features
    • Insight
    • Opinion
  • FAAC
  • Financial
    • Facts & Figures
    • Monetary
    • Tax Matters
  • Sidelines
  • Profile
  • Special Focus
Search
Economic Confidential Factual, Authoritative & Accessible
  • Home
  • News
    • AllNational NewsState News
      Godwin Emefiele CBN Governor

      Court Grants Emefiele N2bn Bail Over Fresh Charges

      Nigerian Crude Hits $77 per Barrel

      Naira Against Dollar

      Naira Gains Against Dollar in Official, Black Markets

      PETROAN Sounds Alarm Over Dangote’s Fuel Market Dominance

  • Business
    • Naira Against Dollar

      Naira Gains Against Dollar in Official, Black Markets

      cbn

      CBN to Offer N162bn Worth of Treasury Bills for Subscription

      CBN Governor, Olayemi Cardoso

      CBN Clamps Down on Banks Under Regulatory Forbearance

      Dangote Refinery nnpcl

      Dangote Refinery to Commence Nationwide Distribution of Petrol, Diesel

      Dollar Against Naira

      Naira Gains Against Dollar in Both Official, Black Markets

  • Features
    • AllInsightOpinion
      Rabi Ummi Umar

      A Heartfelt Letter to Our Fathers, by Rabi Ummi Umar

      Central Bank of Nigeria, CBN

      As CBN Leads Nigeria’s Gender-sensitivity Resurgence, by Rahma Olamide Oladosu

      The Comptroller-General of the Nigeria Customs Service (NCS), Mr Bashir Adewale Adeniyi

      GEOINT: The Intelligence Edge Nigeria Customs Needed, By Tahir Ahmad

      DG NITDA Kashifu Inuwa

      When Borrowing Becomes Harm and NITDA Responds, By Fatimah Yusuf Usman

  • FAAC
    • FAAC

      FAAC: FG, States, LGs Share N1.7tn in February

      Federal Account Allocation Committee FAAC

      FAAC: FG, States, LGs Shared N1.7trn in January

      FAAC

      N13.7trn Federation Account Revenue Unremitted by NNPCL – FAAC

      FAAC

      FAAC Revenue Declines by N303bn in December

      cbn

      Federation Account grew by 7.48% in Q3 2024

  • Financial
    • AllFacts & FiguresMonetaryTax Matters
      Inflation

      Nigeria’s Inflation Drops to 22.97%

      Nigerian Financial Intelligence Unit (NFIU) OGFZA

      Nigeria Nears FATF Grey List Exit – NFIU

      President Bola Ahmed Tinubu Cop

      ‘Tinubu’s Reforms Bold, But Brought Pains on Citizens, Businesses’

      TAX

      Tax Reforms Not Just About Revenue, Says Presidential Aide

  • Sidelines
    • Saliu Mustapha

      Visit Kwara: Saliu Mustapha Pens Foreward For New Book Spotlighting Kwara…

      Apple Data Breach: Marketing Strategy or Security Issue

      Dangote-BUA Sugar Scarcity Feud

      Google: Expanding 2-Step Verification Enrollment

      SAEMA Awards 2021: Submit Nominees for Security and Emergency Management Awards

  • Profile
    • Sambo Dasuki

      Polo, Politics, and the Dasuki Family

      The immediate-past Director in charge of Executive Secretary’s Office at the National Sugar Development Council (NSDC), Mallam Ahmed M. Waziri.

      Ahmed Musdafa Waziri: A Quintessential Civil Servant at 60, by Abdulrahman…


      Warning: Trying to access array offset on value of type bool in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 565

      Deprecated: parse_url(): Passing null to parameter #1 ($url) of type string is deprecated in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 565

      Warning: Trying to access array offset on value of type bool in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 660

      Warning: Trying to access array offset on value of type bool in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 660

      Warning: Trying to access array offset on value of type bool in /var/www/vhosts/economicconfidential.com/httpdocs/wp-content/plugins/td-composer/legacy/common/wp_booster/td_module.php on line 660

      PROFILE: Ten Things to Know About New CCB Chairman, Dr Abdullahi…

      CBN's Acting Director of Corporate Communications, Hakama Sidi Ali

      Hakama Sidi-Ali: The CBN’s First Female Spokesperson and Reputation Management

      Aisha Rimi

      PROFILE: Aisha Rimi, a Square Peg in NIPC’s Square Hole

  • Special Focus
    • Point of Sale Transaction (PoS)

      SPECIAL REPORT: Cash Crunch, Exorbitant POS Charges in the Face of…

      SPECIAL REPORT: Sickle Cell Awareness- A Public Health Imperative for Nigeria,…

      Governor Abba Yusuf of Kano, President Tinubu of Nigeria and Governor Sim Fubara of Rivers

      Shambolic Local Elections: Are Governors Setting ‘Standard’ for Tinubu’s 2027 Re-Election…

      Obamodi Oluwadamilola Faith

      Palliatives Distribution: A Culture FG Must Stop By Obamodi Oluwadamilola Faith

      health care sector

      EXCLUSIVE: How Health Ministry Scuttled Plot to Frustrate Multi-billion Naira Malaria…

Home News Waltersmith Modular Refinery Ready for Operations – DPR
  • News

Waltersmith Modular Refinery Ready for Operations – DPR

By
Economic Confidential
-
October 27, 2020
CEO DPR, Auwalu Sarki
CEO DPR, Auwalu Sarki

Waltersmith Modular Refinery Ready for Operations – DPR

Your browser does not support the video tag.

 

 

 

The Department of Petroleum Resources (DPR) has said that the 5,000 barrels per day (bpd) Waltersmith Modular Refinery project is fully ready for operations.

The Director of DPR, Mr Sarki Auwalu, stated this during a pre-commissioning visit to the project site located in Ibigwe, Imo State recently.

The refinery was officially scheduled for inauguration yesterday (October 26, 2020) but had to be put on hold due the nationwide protest.

Auwalu said the purpose of the visit was to make sure that Waltersmith Refinery was ready to start operations. “We can confirm that the refinery is very much ready to commence operations. We have seen all the preparations. To us, the plant is alive.

The commissioning is just symbolic. Everywhere is ready to start off. My overall assessment is excellent.

“We have been to other modular refineries but we have not seen anything like this: the space, the way it is arranged and the way it will work”, Auwalu said.

The DPR director, however, urged Nigerians to start seeing the agency as an enabler and not a regulator, stressing that their focus was on how to create opportunities for Nigeria’s vast oil and gas resources to be properly managed for the betterment of Nigerians.

According to him, “The role we play is to enable businesses and create opportunities. When DPR issues you a license, it enables you to invest. It is that opportunity we create that enable businesses to grow.”

Auwalu added: “Waltersmith is one of our success stories. We consider the project as ours. We have been tracking their growth and we are happy to see that our child is growing. It is our plan that they expand and they have the potential.”

The 5,000bpd modular refinery has a crude oil storage capacity of 60,000 barrels and is projected to deliver over 271 million liters per year of refined petroleum products comprising of Diesel, Kerosene, Naphtha and Heavy Fuel Oils to the domestic market.

The bulk of the crude supply for this phase will come from Waltersmith’s upstream business with backup from nearby third-partycrude.

“What you see here is a proof of the absolute faith we have in our country. We want to demonstrate that it is practically a waste of resources to produce crude oil and just sell it. It is more impactful to add value and make more significant impact on the GDP (Gross Domestic Product) of our nation”, Chairman of Waltersmith Refining and Petrochemical Company, Abdulrasaq Isah, was quoted as saying during the visit.

“This is the first phase of a series of refinery development which will culminate in the delivery of up to 50,000bpd refining capacity that will expand the product slate to include petrol, Liquefied Petroleum Gas (LPG) and Aviation fuel”, he said.

Isah added that the expansion plan consists of 20,000bpd crude oil refinery and a standalone 25,000bpd condensate refinery both of which are at early stages of project development.

On the sustainability of the refinery project, Managing Director/Chief Executive of Waltersmith, Mr. Chikezie Nwosu, said domestic consumption was more sustainable than crude export.

“With export, there are things you do not have control over and for every dollar you gain by exporting crude oil as a commodity, you gain multiples of those dollars in terms of GDP growth by consuming the energy within the economy”, Nwosu said.

Waltersmith Refining and Petrochemical Company obtained License to Establish from DPR in June 2015 and obtained Authority to construct in March 2017.

The company partnered with Nigerian Content Development and Monitoring Board (NCDMB) who are 30 per cent equity holders while the Africa Finance Corporation (AFC) committed significant financing to the project.

spokesperson
PRNigeria.com
EconomicConfidential.com
PRNigeria.com/Hausa
EmergencyDigest.com
PoliticsDigest.ng
TechDigest.ng
HealthDigest.ng
SpokesPersonsdigest.com
TeensDigest.ng
ArewaAgenda.com
Hausa.ArewaAgenda.com
YAShuaib.com
  • TAGS
  • Africa Finance Corporation (AFC)
  • Chikezie Nwosu
  • Department of Petroleum Resources
  • Department of Petroleum Resources (DPR)
  • DPR
  • GDP
  • Ibigwe Imo State
  • IMO
  • Liquefied Petroleum Gas (LPG)
  • Mr. Sarki Auwalu
  • Niger
  • Nigerian Content Development and Monitoring Board (NCDMB)
  • Sarki Auwalu
  • Waltersmith Modular Refinery
Previous articleCurbing Fake News on Social Media: A Necessity
Next articleCOVID-19: World Airlines Rally Behind Testing, Financial Support To Save Sector
Economic Confidential
Economic Confidential
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.

Recent Posts

  • Why FCT Ground Rent Payments Surged
  • ‎Oshiomhole vs Air Peace: Nigeria’s Skies of Delay and Impunity‎, by Zekeri Idakwo Laruba
  • Court Grants Emefiele N2bn Bail Over Fresh Charges
  • Nigeria’s Inflation Drops to 22.97%
  • Nigerian Crude Hits $77 per Barrel
© Newspaper WordPress Theme by TagDiv