Ibe Kachikwu, Nigeria’s minister of state for petroleum resources, has opened up on the progress of modular refineries in the country.
Kachikwu tweeted on Thursday that “two are structured to be delivered early in 2019. Five are deep in the fabrication process and we are lining at delivering a total of about ten”.
According to Kachikwu, a total of ten modular refineries would be set up in the Niger Delta region of the country in the coming years.
He said the goal of setting up ten modular refineries was feasible because of the sheer entrepreneurial spirit of prospective investors to lead and fund these projects.
- Arab Petroleum Investments Corporation issues $750m 5-yr bond
- Conoil offers N1.39bn dividend payout from impressive 2019 financial performance
- Revenue drive: IMF asks Nigeria to reduce tax pressure on Nigeria as…
- Nigeria, other African oil exporters’ll lose $34bn – IMF
- A cloudy second half as Nigeria navigates through coronavirus storm
He also reaffirmed his commitment to the revamping of the four major refineries, saying that, “the process is ongoing and for the first time a rejig process is in place that will not involve the use of public sector funds. I am still optimistic in my earlier stance on nearing full stream by the end of 2019.”
He added that each state in the delta will have at least one modular refinery to meet the needs of the Niger Delta people by providing employment opportunities and will put an end to illegal refining which is responsible for the environmental degradation of Port Harcourt and its environs.
He commended the modular refineries