IPMAN Proposes $3bn Private Refineries In Kogi, Bayelsa

oil-refineryThe Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to establish private refineries.

IPMAN National President, Mr Chinedu Okoronkwo, told newsmen in Lagos that the association acquired more than 1,000 hectares in Kogi and Bayelsa for the proposed $3 billion (N495 billion) refineries.

IPMAN had earlier in July concluded a business deal with some international investors to build two refineries worth about $3 billion at Itobe, Kogi, and Abbe in Bayelsa State.

The foreign investors conducted feasibility studies on the project in August.

Okoronkwo said the federal government had through the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, welcomed the investor’s initiative to commence work on the two refineries. He urged the Ministry of Power to support the IPMAN refinery initiative by providing the sites access to the national grid.

He said the refineries which will be completed in 24 months, will at the initial stage produce about 200,000 barrels of petrol per day.

Okoronkwo said IPMAN’s aim was to contribute in the management of existing national capital flight that characterised the oil and gas sector following the absence of a functional refinery.

“The cost of taking crude and bringing it back as refined products will be reduced. We want government to give us the necessary licences and enabling environment to operate”, he said. (NAN)

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