Nigeria’s Petroleum Marketers Acquires Land For $3bn Private Refineries The Independent Petroleum Marketers Association of Nigeria (IPMAN) said on Monday that it has acquired more than 1,000 hectares in the north-central state of Kogi and Bayelsa state in the Niger Delta for its proposed $3 billion (N495 billion) refineries. Expressing the commitment of IPMAN to provide leadership in establishing private refineries in the country, the Associations President Chinedu Okoronkwo said the refineries- to be completed in 24 months- would initially have a production capacity of about 200,000 barrels of petrol per day. IPMAN had in July concluded a business deal with some international investors to build two refineries worth about 3 billion at Itobe, Kogi, and Abbe in Bayelsa, reports the News Agency of Nigeria, the foreign investors conducted feasibility studies on the project in August. Okoronkwo said IPMAN’s aim was to contribute in the management of existing national capital flight that characterised the oil and gas sector following the absence of a functional refinery. “The cost of taking crude and bringing it back as refined products will be reduced. We want government to give us the necessary licences and enabling environment to operate,’’ he said.
Posted on: Thu, 09 Oct 2014 09:10:30 +0000
Trending Topics
Recently Viewed Topics
© 2015