Thursday business news
Imo refinery, petrochemical projects to cost $2.5bn
… Targets 100,000bpd capacity production
From DENNIS MERNYI, Abuja
Thursday, April 14, 2011

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In the bid to leverage the abundant oil and gas resources of Imo State to meet the energy requirements of the South East Zone and thus provide a critical driver for the rapid industrialization of the South east Zone; the availability of affordable and steady energy supply, the Imo state government in partnership with foreign investors is to build a 100,000 bpd refinery at the cost of $2.5 billion.

Chairman of the Imo Refinery and Petrochemical Project, Dr. Tony Chukwueke told newsmen in Abuja Wednesday that when completed, the refinery would apart from providing link to infrastructural and industrial development will create over 5,000 direct and indirect employment opportunities to teeming Nigerians in line with the gas conversion and job creation agenda of President Goodluck Jonathan and the determination to meet the nation’s demand for petroleum products through domestic refining.

“The cost of implementing the Imo Refining and Petrochemical Project together with the development of the associated upstream assets is presently estimated at US$2.5 billion. The project is expected to be fully funded by the private investors who are also the developers of the project. Key upstream investors and proven refiners have already been identified and are ready to commence the project as soon as final approvals are received”, he disclosed.

The five year actualization planned Imo Refinery and Petrochemical Project been built in partnership with the Nigerian National Petroleum Corporation (NNPC), according to the former Director of Department of Petroleum Resources (DPR), Dr. Chukwueke will go a long way in meeting a key aspiration of the people of the South East Zone of the country and provide the desired dividend of democracy to the people of the zone both in terms of job creation and.

The refinery to be built under a private public partnership agreement with foreign oil and gas firms, the chairman has explained that government of Imo state has identified suitable location for the plant in the vicinity of the location of oil and gas reserves that would guarantee long-term feedstock supply for the project.

The project sited at the Egbema/Oguta Industrial Park, which also houses the Federal Government’s Light Vessels Port Facilities and Naval Base, is the hop for the industrial development South East zone, identified as a key driver for job creation. The River Niger is currently undergoing extensive dredging work and will provide the main supply and evacuation route for goods and services associated with the project.

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This is great for Alaigbo