Integrated Oil’s $116m refinery ready this year —GMD

 

Integrated Oil and Gas Limited, has reiterated that its $116 million modular refinery would be ready before year end, as scheduled. The Group Managing Director, Integrated Oil and Gas Mr Anthony Iheanacho, told journalists in Lagos that preliminary works had started for the 20,000 barrel capacity modular refinery.

 Iheanacho, who conducted some journalists on a tour of the refinery site at Tomaro Island Port, off Takwa Bay, Lagos, said preliminary approval had been received from the Department of Petroleum Resources, DPR. He said: “Tomaro Island with about 90 hectares is designed as one-stop shop which will comprise of refinery, flour mill, ship repair yard, helipad site and resort centres. “It will also create massive employment for our teeming youths. Crude would come to the refinery through vessels for refining,” Iheanacho said.

The GMD also said the company had commenced the Environmental Impact Assessment, EIA, and other necessary requirements to facilitate the final approval for the refinery. Iheanacho revealed that the refinery would be funded by both foreign and local financial institutions, and would produce products like Automated Gas Oil, AGO/diesel, household kerosene, export quality aviation turbine kerosene or Jet A1, fuel oil and a host of others.

However, According to him, the refinery does not have the capacity to produce Petroleum Motor Spirit, PMS or petrol. Iheanacho also used the opportunity to clarify that contrary to claims in some quarters, the company was yet to commence construction on the Island, as it was still undergoing the pre-application process. According to him, “Refineries are very important infrastructure, and will enhance the image and prestige of the country.

If I can articulate a business plan, and I can talk to the bank and they lend me money to build the refinery, why will I not do it?” He therefore appealed to the Federal Government to support indigenous oil companies who are striving to grow the oil and gas sector with funding.

Communities express support

Meanwhile, surrounding communities around the refinery have expressed total support for the project, saying: “We are in absolute support of growing indigenous capacity in every facet of our oil and gas industry. This is because the local companies are paying their taxes, reinvesting their capital and creating enormous job opportunities for the larger community.”

The communities, which expressed their support during a stakeholders’ forum in Lagos last week, noted that with such encouragement, Nigerian participation in the industry will rise significantly in line with government’s aspirations on the Nigerian Content Act.

A representative of the Onisiwo Island near Takwa Bay, Mr Lateef Akinsode, condemned the petition and sponsored media attacks by some group of persons.

 In a communiqué issued at the end of the forum, the community leaders described the petition as “deceitful and untrue” and dissociated themselves and their communities from it.

Vanguard Business: By Clara Nwachukwu