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China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
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It is reported that $600 million Ikwe-Onna Modular Refinery in Akwa Ibom State will start operation in 2020.
At a stakeholders and project kick-off meeting at the Le Meridien Ibom Hotel and Golf Resort in Uyo, the Akwa Ibom State capital at the weekend, the Federal Government admitted that, the only way to deal with the proliferation of illegal refinery in the Niger Delta is by the private-sector led establishment of modular refineries.
The Vice President, Prof. Yemi Osibanjo said the move would ease government involvement to fast track the bureaucratic processes surrounding issuance of approvals and licenses.
Osibanjo, who was represented by the Senior Special Assistant on Economic Matters to the President, Mr Iyamu Edobor said he was elated to note that, having completed all the licensing processes and required approvals, everything is now set for the commencement of the construction of the 5,000 barrels per day Ikwe-Onna modular refinery.
The Minister of State, Petroleum Resources, Dr. Emmanuel Ibe Kachikwu said the initiatives of establishing modular refinery are to eliminate the need of petroleum products importation and its pressure on foreign exchange earnings.
Represented by the Director of Oil Services in the Ministry, Engr. Busari Kamaru, the Minister added that the modular refinery would create a robust domestic refining sector necessary to meet and exceed the full capacity of national demand.
