Ode-Aye Refinery Limited has concluded plan to establish Greenfield and
modular refineries in the country in the next 18 months.
The company’s Director, Prince Bayo Otulana, said in Uyo on Monday that
the refineries would be located in Ondo and Lagos states.
Otulana stated that the modular refinery would be completed within 18
months from January 2016, while the Greenfield refinery would take a
period of 36 months to be completed.
When completed, the Greenfield refinery is expected to refine 200,000
barrels of crude oil per day, while the modular refinery will have three
units and produce 3,000 bpd from each of the units.
Otulana explained that adequate arrangements had been made to ensure the
effective take-off of the refineries in both states.
He added that the company had arranged with Federal Government through
the Department of Petroleum Resources to ensure adequate supply of crude
to the refineries.
“We have secured adequate incentive from the government through the
Department of Petroleum Resources. They have promised to supply us 60 per
cent of the raw materials, while we will source for the remaining 40 per
cent from private markets,” he said.
The director said the modular refinery would cost approximately $8bn upon
completion.
On the source of funding, Otulana said the refineries would be funded by
Lyords Offshore Funding Corporation through project guarantors of bank
instrument issued by 35 banks in the world at a single digit interest
rate.
He said that the company had secured licences for the refineries and had
Cospower Engineering Pvt. Limited from India as a technical partner to
ensure that the dream comes to reality.
According to him, each of the refineries will generate 1,000 direct jobs
and over 5,000 indirect jobs for Nigerians.
The Director, Cospower Engineering, Mr. Felix Kadam, said that the
technical partner would be back in the country by January 2016.
Kadam said the technology that would be employed would sustain the
quality of products from the refineries, adding that the plants would add to the development of the
nation’s economy.
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