A Review of the Nigerian Energy Industry

IPMAN, South America investors to site N450bn refineries in Kogi, Bayelsa

Warri-refinery24 July 2014, Lokoja – The Independent Petroleum Marketers Association of Nigeria (IPMAN) along with some core investors from Peru, South America, is to cite two petrochemical refineries in Kogi and Bayelsa States.

The Chairman of IPMAN, Bestman Inekwe, who disclosed this Wednesday in Lokoja, while paying a courtesy visit to the state governor, Capt. Idris Wada, said the refineries when completed would serve Nigeria, the West and Southern parts of Africa.

Bestman said as businessmen, they (IPMAN) are partnering the federal government to industralise the nation in the upstream and down stream sectors of the economy; which will also open the state to several opportunities.

“As businessmen, we intend to partner the federal government in moving the nation forward using the vast experience of a core investor to create wealth.
“When this project is completed, the amount used in fuel importation by the country, would be saved for other purposes.”

The CEO of the core investor group from Peru; Water Carbon Field Limited, Mr. Joseph Arosemena, said the refineries would cost $3 billion and is expected to be completed in two years.

He also said when completed, the refineries would be known as ‘Creek’ Refinery Company and would produce 200,000 barrel of oil per day.
He said citing the refinery in Kogi State was informed by the state’s strategic location in the country and the peaceful environment it enjoys.

He, therefore, urged the state government to grant them the licence so as to start the project and meet up with the two years expectation.

Reacting, the state Governor, described Kogi as a lucrative destination for businesses in Nigeria in view of its strategic location.
Wada, who was represented by his deputy, Mr. Yomi Awoniyi, also described the decision to cite the $3billion investment in the state as a wise and noble business decision.

He praised IPMAN for keying into the transformation agenda of the federal government.

“With Kogi as a natural location for the citing of the refinery, aside been safe, is strategically located to feed nine adjoining states including the nation’s capital.

The dredging of the River Niger,  the expansion of the railway with Kogi State as a hub, and the presence of the nation’s two major rivers,  makes the choice to locate the refinery in the state as a well informed business decision by IPMAN.

Wada therefore promised of the state government’s security, technical and logistics support as well as waivers to land titles as may be expected from the state government in making the project a reality.


– This Day

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