SAN FRANCISCO, June 21, (THEWILL) – The Federal Government’s plan to attract investment in modular refineries as part of efforts to boost local refining capacity has started gaining momentum with
An Indonesian firm, PT Intim Perkasa Nigeria Ltd, a subsidiary of PT Intim Perkasa, Indonesia, has indicated interest to build a 10, 000 barrel per stream refinery in Nigeria which would be located in Akwa Ibom State.
This was disclosed in Abuja, on Wednesday, by Adi Hartadi, Head of Investor Relations of PTPP (Persero) Tbk, partners to PT Intim Perkasa Nigeria Ltd, during a business meeting with the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru.
Ndu Ughamadu, NNPC Group General Manager, Group Public Affairs Division, in a statement revealed that the refinery, a modular one, will have refining capacity for 10,000 barrels per stream day.
Hartadi, during the consultation stated that their company has more than 50 years of experience in construction and engineering and it was desirous of diversifying into downstream operations in Nigeria.
Responding, Baru, who was represented by the Chief Operating Officer (COO), Refineries and Petrochemicals, Engr. Anigbor Kragha, stated that NNPC placed a high premium on investment in the nation’s refining sector.
He stated that the Corporation had a Greenfield Refinery Department that specialised in new refinery projects and also provided professional support to potential investors in a modular refinery in the country in line with the Federal Government policy on modular refineries.
He explained that the country’s three refineries with a combined capacity of 445,000bpd could not function optimally over the years due to lack of investment, adding that NNPC would give necessary support to the Indonesian Company interest in the downstream sector.
He explained that given Nigeria’s expected population, by 2025, more than 40 million litres of petrol would be required for local consumption, adding that the combined capacity of the nation’s 3 refineries would only be able to satisfy just above 50 per cent of the projected local demand expressing optimism that Nigeria could serve as a regional hub of refined petroleum products for West Africa and beyond.
He however, called on the investors to be mindful of clean fuel policy across African countries and ensure that they produce fuels that meet specification with regards to sulphur content.
