AMID concerns that the Federal Government may renege on its promise of building Greenfield refineries in Lagos, Kogi and Bayelsa states, the Badagary Petroleum Refinery Ltd has signed a Joint Venture Financing agreement with Niger-Delta Refinery and Petrochemicals Company to finance, construct and operate a Greenfield complex refinery at Ipokia Local Government Area of Ogun State.

Executive Chairman of the Badagary Petroleum Refinery Limited, Alhaji Rasaki Adisa Awayewaserere, signed on behalf his company, while Director, Eton Finance Private Ltd and Managing Director, Niger-Delta Refinery and Petrochemicals Company limited, Mr. Allan Rennie, signed for Eton Group.

Eton Group would provide $1.95 billion (N304.2billion) in form of Joint Venture Funding with both companies working together to realize the goals of the 100,000 barrel-per-day refinery project.

Speaking in Abuja, at the weekend, Rennie said the project, which has been awaiting funding since 1993, would complete financial and administrative formalities within the next four months in order to move to re-engineering and approvals for the fabrication and construction phase before the end of 2013.

"We are committed to this and we are happy that a project, which has been waiting for financing for so long has now gotten an opportunity to move forward".

He noted that Eton Group had invested about $16 billion in 2012 on project financing in Nigeria, especially in the downstream oil industry.

He explained that, following formal approvals, the construction (including commissioning) period for the Greenfield refinery is expected to take between 24-30 months.

Rennie noted that the refinery, designated as export-oriented, is strategically located to target the ever increasing demand for petroleum products within Lagos State and its environ as well as the African export market.

He observed that about 1000 direct jobs would be created, while another 10,000 would be created externally in support functions.

According to him, the modern refinery, which would process crude oil and its blends from Nigeria, has a design capability to produce LPG, Petrol, Kerosene, and Diesel, Heavy fuel oil, lubricating oils, greases and bitumen for both local and international markets.

Source: http://odili.net/news/source/2012/dec/23/5.html

Na today? We've heard this several times.