The federal government has given licence to Epic Refinery and Petrochemical Industries Limited to build a refinery in Okporoma, a riverine town about 20 kilometres from Yenagoa, the Bayelsa state capital.

Chief executive officer of the Epic group, Barango Matthew Wenke Jr told journalists in Lagos that the refinery which will cost about $30 billion will have a capacity refine 107,000 barrels per day on a modular arrangement of 30-30-30-17.

With its corporate headquarters in Yenegoa, Wenke said the company is passionate about creating jobs for the teeming youth population to help arrest vices and youth restiveness.

He said funding for the project is guaranteed, just as the promoters have blocked the first $30 billion for the project meant for upstream, midstream and downstream. “We have already proposed a jet at Akasa from the Atlantic ocean where the government has approved as oil and gas free trade zone. This is just 60 kilometres to our base within the brass area free trade oil and gas zone.

“The Department of Petroleum Resources (DPR) has inspected and approved the land, a massive land at Okporoma. There had been delay on the issuance of the licence because some big people had sat on it which had delayed fund to be released. It is a direct foreign investment.

The resources may be slim, but we are ready to emulate the big names. We worked hard to get here. We got the licence on June 15,” he said.

The Epic boss noted that whereas only 25 companies have been licenced by DPR, he has heard reports that there are up to 60 refineries that have been licenced by the DPR, noting that while this is good for Nigeria, access to crude will help refineries to function better.

He pleaded with government to be willing sell oil blocks to business-minded refineries who would be ready to pay for them and deliver refined products without stories.

While appreciating the federal and the Bayelsa state governments for their support, Wenke said, “We have seen the passion in Mr President to make refineries work in Nigeria. A refinery should be able to get at least up to 80 per cent locally. We have as sources of our flow of crude Agip and SPDC in the supply chain.”

On how to curb the problems of fuel subsidy, he said total deregulation of downstream sector will encourage refineries coming on board.

“First refining capacity to service Nigeria, before thinking of exporting. It should support the local refineries. Refineries must be seen to have done well on site before lifting crude. There should be a mechanism to pre-qualify refineries before government takes serious,” he said.

Wenke who briefed journalists alongside the project director, Engineer Zakari Umar said, Epic in its pursuit of legacy and fame, is ready to work with government in ensuring that fuel subsidy is totally removed. He advised the president to have an interaction with businesses claiming to set up refineries and see how they are planning to eliminate fuel subsidy.

He however declined to mention Epic’s foreign partners, but hinted that they are from the middle east and the United States of America. He said the company is doing due diligence and about to appoint chairman of Epic refinery, who is a retired general.

According to him, Epic has offices in Texas, UK and Dubai, and regional offices in Ghana and Uganda.

He said the first phase of the refinery project would create 100,000 jobs, while conceptual designs were in place with every aspect of the project now being reactivated.

He thanked the state government for being supportive.

“Bayelsa State Government under the present administration has set up investment forum which we were part of. The administration is working hard to create conducive atmosphere for investors. We have been working well with the state ministry of oil resources. With the state’s anti-kidnap laws, kidnapping is a non-issue in the state now. “Bayelsans will have good percentage of employment from the Epic refinery. We have our corporate headquarters in Yenagoa and the state has been very supportive, just as the federal agencies have been helpful,” he said.





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