A Review of the Nigerian Energy Industry

IPMAN set to invest $3bn on refineries

Fuel-dispencerKunle Kalejaye 01 July 2014, Sweetcrude, Lagos – The Independent Petroleum Marketers Association of Nigeria, IPMAN, says it has concluded plans to build ultra modern refineries in Bayelsa and Kogi states worth $ 3 billion.

IPMAN National President, Elder Chinedu Okoronkwo who gave the assurance at the weekend said the refineries which is slated to be ground breaking before the end of the years, is in collaboration with foreign investors.
“We are proposing to build two refineries in Nigeria, one in Bayelsa and Kogi to ease scarcity which is part of the present administration’s agenda.
“We are in discussion with our foreign investor which arrangement and agreement to commence work will be sealed before July ending while ground breaking is expected to commence in fourth quarter of the year,’’ he said.
The president said that when the  proposed refineries in two states come on stream, it will go a long way in ensuring availability of petroleum to IPMAN members and ease scarcity in the country.

According to Okoronkwo, “we will ensure that the product will get to all nock and crannies of the country, it will also grow the GDP of the country because the capital flight will reduce drastically.
“Where Nigerian are spending $60 dollars in exporting crude oil and bringing refine products the proposed refinery will reduce the cost and stress of exporting crude to bring in refine product.
“It will also create job, there will be massive job creation where lots of Nigerian youths will be gainfully employed and you will also agree with me that it will also stop incessant kidnapping in the country.”
Okoronkwo stated that the proposed refineries will go a long way in opening up the socio-economic growth of the country, which will also key into the transformation agenda of Mr President Goodluck Jonathan.
In his words “it is our believe that we should be part of the moving force to grow the economy that is why we are can express our desire in this form.
“Our investor plan to invest huge amount of money like $3 billion dollars into the Nigeria economy, by July ending the investor will come to commence survey and agreement.
“We are ready to commence the project and we hope to make it work because we are also involving our money.”
The IPMAN president reiterated that the association will go ahead with the project noting that no bank account of the association was frozen.


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