Petroleum union plans to set up US$3bn refineries in Nigeria

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced its commitment to provide leadership in establishing private refineries and that it had acquired 1,000 hectares in Kogi and Bayelsa states for 3 billion US Dollar refineries.

Mr Chinedu Okoronkwo, IPMAN National President, said in Abuja that the Federal Government had through the Minister of Petroleum Resources, Mrs Diezain Alison-Madueke, welcomed the investors’ 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.

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

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

Okoronkwo said when completed in 24 months, the refineries would initially produce about 200,000 barrels of petrol per day. He said that 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.