Agency approves N360m grant for modular refinery in Nigeria

The U.S. Trade and Development Agency (USTDA) has approved a grant of $1 million (N360 million) for the detailed engineering design of 20,000 barrel per day (bpd) modular refinery in Lagos.

Head, Media Communications of Integrated Oil and Gas Ltd., Mr Enyeribe Anyanwu, disclosed this in a statement made available to newsmen in Lagos on Sunday.

Anyanwu said that the U.S. Ambassador to Nigeria, Mr Stuart Symington, who disclosed this during the official signing of the agreement in Lagos, commended the initiative of Eko Petrochem and Refining Company’s management.

Symington expressed the hope that the proposed 200, 000 bpd production refinery would attract more investments to the country and develop host communities.

‘‘The grant was meant for detail engineering design and development of the proposed refinery in Tomaro Industrial Park in Lagos.

‘‘I feel honoured to be part of the success story. I also promised to support the projects to actualisation,’’ he said.

The U.S. Ambassador to Nigeria commended the Chairman of Integrated Oil and Gas, Capt. Emmanuel Iheanacho, for his commitment to the project.

He said Iheaneacho noted that the investment was coming at a time when the country needed it most.

He also praised the Federal Government for believing in the power of the individual citizens and entrepreneurs to undertake laudable projects for the nation’s development.

‘‘He is doing it at a time with a government that believes Nigeria can do what can be done anywhere in the world.’’

Capt. Iheaneacho said the Eko Petrochem and Refining Company would complement efforts of the Federal Government in providing lasting solution to the problems of importation of refined petroleum products into the country.

He said that the U.S. Government, acting through the USTDA, has accelerated the process of the planned economic investments through the industrial development grant of one million dollars, which it had seen fit to bestow to us.

‘‘The grant is to be specially used to finance the completion of the detailed analysis of supporting technologies and engineering for the implementation of 20,000 bpd crude oil refinery.’’

The chairman stated that in making the proposal, it was reasoned that the localisation of refining capacity if realised, would facilitate the conservation of scarce foreign exchange whilst generating major export earnings.

He said that there would also be enhanced economic value added opportunities to be realised in terms of jobs, profits and technology transfer which would become manifest.

Azubike Nnadozie, with Agency report