The Edo State Government has disclosed that the Refinery and Petrochemicals Limited, a project which is being developed in collaboration with AIPCC Energy Limited at Ologbo, Ikpoba Okha Local Government Area of Edo State, will commence operation before the end of the year.
This was made known by the Special Adviser to the Governor on Media and Communication Strategy, Mr Crusoe Osagie.
According to him, the project is part of the state government’s efforts to transform Edo from a civil service state to an investment and industrial enclave.
He said the modular refinery project joins the growing list of ongoing legacy projects, which also includes the CCTEC Ossiomo Power Plant; the Benin Enterprise and Industrial Park and the Benin River Port.
“We are making progress on a number of projects aimed at transforming the state into an industrial hub. At the moment, work has reached advanced stage on the modular refinery project, which benefits from the governor’s smart investment acumen, through which he mobilised seed fund for the project,” the statement read.
The project’s Technical Director, Mr. Tim Tian, said the refinery will get its feedstock (crude) from the Nigerian Petroleum Development Company’s (NPDC) facility – oil mining lease (OML) 111, near Benin City.
He added that when operational, the refinery will produce from its feedstock 50 per cent of diesel (500,000 liters), 25 per cent of naphta (300,000 liters) and 20 per cent of fuel oil (200,000) liters.
It will be recalled that the state Executive Council had approved the release of N700 million as redeemable preference shares (investment) in the refinery and petrochemical project.
The statement added that the venture “will create legitimate employment opportunities thereby reducing poverty, provide job opportunities for teeming youths in the communities, facilitate the establishment of a fabrication yard as proposed by the promoters, and create basis for expertise, professionalism and further training in the oil and gas industry.”