BREAKING NEWS, Oil & Gas
THE Nigerian government and Agip are working on a memorandum of understanding for the building of a $15bn refinery to be sited either in Port Harcourt, Rivers State or Brass, Bayelsa State.
Ibe Kachikwu, minister of State for Petroleum Resources, disclosed this to State House reporters on Tuesday, May 9, after a meeting with acting President Yemi Osinbajo and the management team of Agip.
Kachikwu, who said Agip had accepted to build the 150,000 barrel capacity refinery, called on other multinational oil companies to emulate the company.
The minister said: “The effect of this is that oil companies operating in Nigeria will begin to migrate from only exporting crude and begin to look on how to start refining this crude so that we will be able to meet our local consumption.
“With this new refinery and along with other things, we are going to do with the refinery in Port Harcourt, it gives us hope in our quest to try and increase our local capacity to produce every refine product we need in the country and to meet the time line of 2019. We are now going ahead to work out the modality with Agip.
“Agip has the second largest power plant that will be on stream by 2020. This is to make sure they are not only just taking away crude but making other local investment. Total investment in area of power and the refinery from Agip is in excess of $15bn.”
— May 9, 2017 @ 19:30 GMT
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