The Edo Modular Refinery being developed by Edo Refinery and Petrochemical Company Limited (ERPC) with support from the Edo State Government is set to earn about $125m foreign exchange from the exportation of naptha, which is one of the major products from the facility.

Chairman of ERPC, Michael Osime, who disclosed this in a statement, said the refinery benefits from the federal government’s ease of doing business programme through which it granted fiscal incentives such as duty waiver on importation of equipment.

The refinery has reached 90 per cent mechanical completion and efforts are in top gear to beat a September 2020 commissioning deadline, with a team of over 250 locally-recruited engineers, fabricators and other workers engaged on the project.

On expansion, Osime said the company would “meet 18 per cent of local demand for diesel and earn in excess of $125m from the export of Napha per annum,” noting that the refinery would rejig the state’s economy by attracting feeder industries.

He added that the Edo State Government provided a N700m project support fund that accelerated the establishment of the company in the state, after signing a Memorandum of Understanding (MoU) with a Chinese Consortium led by Peiyang Chemical and Equipment Company of China (PCC) and its Nigerian partners, Africa Infrastructure Partners Limited (AIPL).

According to him, “The Edo Refinery and Petrochemical Company is a beneficiary of the Edo State Government’s policy of attracting investment to the state. The state government supported the refinery with project support fund of N700 million, which will be paid back to Edo State Government when production commences. This was a catalyst to the project to ensure quick take-off.

“We are also a beneficiary of the Edo State Government’s incentive programme to attract manufacturing companies to locate in Edo State. The incentives gave birth to a Nigerian-Chinese joint venture company, AIPCC Energy Limited.”

He noted that the company secured its licence to establish a refinery (LTE) on December 10, 2018, and approval to construct (ATC) on March 11, 2019, from the Department of Petroleum Resources (DPR), noting that DPR has been extremely helpful in guiding the process of the establishment of the facility.

SOURCE: https://www.vanguardngr.com/2020/08/edo-modular-refinery-to-earn-125m-per-annum-from-naptha-export-reset-states-economy/

Cool, lovely, beautiful

A major win for Edo people!

We are going higher everyday because we have a governor like Godwin Obaseki -The man after God's heart

We will soon read the excuses for not fulfilling the target. Nigerians with their preposterous assumption

I thought they said that it's only MOU that Obaseki is good at signing? Now that the results of that MOU is being harvested, lagos-ibandan expressway paid writters are nowhere to be found. Shame on them!

jidamsel43:
We will soon read the excuses for not fulfilling the target. Nigerians with their preposterous assumption

Are you sure you read the article completely?

Children of hate and the ones whose destinies have been tied down by godfathers & professional politicians and those with little or no understanding will soon flood here to say all manner of rubbish against this wonderful achievement which they should ordinarily be happy for.

I weep for this generation of Nigerian youths.

Clear example rolls in

Government of foresight, not propaganda

Shoo fantabulous

My nation "Benin kingdom" >>>

This is applaudable,But Edo governments need to work on their Power sector



The light issue in Edo state is very very terrible!!

I foresee this man obaseki rescuing and prospering not just Edo state but this country as a whole..


How he manages to restrain the urge to blow his own trumpets like most Nigerian politicians will do at the drop of a hat will forever be a mystery to millions..

God bless him...

How many bob posts made fp today

Shame on those

Damnnnnn niggarrr
Isoright
Obaseki my real niggarrr

Ambode the pussy asss niggarrr

Wow... Silent achiever. But I hope it fufils it's promises and don't become useless like it's counterpart WRPC.

Nice.work

Nice development.

God bless Obaseki

If the witches and wizards will alow the project to fly.

Good!

Nice one there from d ancient ile binu(Benin kingdom).

Thats good.

Guys let's do that maths together. Out of $125m to be made per annum, the scam inside will scam $100m and the scam inside inside will scam $20m and $5m will be finally swallowed by Chimpanzee Monkey. In the end we will hear....eemmmm, Honorable Chairman it's okay, it's ooookay. Off ur mic

That's a lot of money...
A strong Edo state means a Stronger Nigeria...

God bless Buhari and APC for this great achievement.

Am having a feeling Edo state election will be peaceful, 4+4.

Obasaki 2020. Hope Edo people vote wisely.