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Issues In The News

FG, firm sign MoU for 100,000bpd refinery in Bayelsa

[Daily Trust] The Federal Government has signed a Memorandum of Understanding with a petro-chemical company, Epic Refinery and Petrochemical Industries Limited for the construction of 100,000 barrels per day refinery and petrochemical plant at Oporoma in Bayelsa State.
The Minister of State for Trade and Investment, Samuel Ortom, signed the MoU on behalf of the Federal Government while the Managing Director of Epic Refinery, Barango Mathew Wenke Junior signed on behalf of his company.

Ortom said that the company and its technical partner, Sino Asia Energy (SAE) Group Company Ltd from Hong Kong China, intended to inject about 30 billion USD into the projects.

Speaking, Junior said that the projects would create about 100,000 jobs with over 180 petrol stations across the nation and the generation of over 500 megawatts of electricity.

He explained that since the signing of build, operate and transfer joint venture agreement between Epic  and SAE in Febuary, the firm has been working to satisfy all the requirements to enable them enter into a firm agreement with the Federal Government.

“We have met all conditions and our partners have been very supportive and have provided proof of fund for the project to the tune of $7.5 billion,” he said.

The Nigerian National Petroleum Corporation (NNPC) had in 2010 signed a framework agreement of $23 billion with China State Construction Engineering Corporation (CSCEC) to build three refineries in Lagos, Bayelsa and Kogi.

However, the refineries were never built as the agreement was stalled.

TRANSFORMATION ON COURSE…
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About TransformationWatch

TransformationWatch is an online news site founded by Henry Omoregie It is focused on keeping tabs on the Transformation Agenda set out by the Nigerian leadership in the Local, State and Federal Governments. My mission is to observe, analyze and report milestones or slowdowns in promised service delivery in all the facets of governance in Nigeria (2011 and beyond). Readership is open to all Nigerians and friends of Nigeria alike, regardless of Tribe, Religion or Political divide. We are all in this together

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