Imo modular refinery will employ 2,000 youths – Wabote

 

A modular refinery, located in Imo State, with the capacity of 5,000 barrels per day will commence operations in October, the Nigerian Content Development and Monitoring Board has said.

The Federal Government, on Tuesday, applauded Waltersmith Petroman Oil Limited and the Nigerian Content Development and Monitoring Board for their effective partnership that led to the record completion of the modular refinery within two years, according to a statement on Wednesday.

The Minister of Information and Culture, Alhaji Lai Mohammed, was said to have conveyed the commendation after touring the project located at Ibigwe, Ohaji/Egbema LGA, Imo State.

The NCDMB said the refinery was started in October 2018 and would commence operations on October 14, 2020, loading out 23 trucks of refined products per day, having concluded off-take arrangements with select firms.

The minister was quoted as saying that the completion of Waltersmith modular refinery and conceptualisation of similar projects in Bayelsa State were key achievements of the current administration.

He described modular refineries as key to meeting the Federal Government’s agenda of increasing local refining capacity and enhancing value addition to hydrocarbon resources and employment generation.

He said the government, through its relevant ministries and agencies, would provide Waltersmith with all the necessary support to operate and grow sustainably.

He said the refinery will employ 2,000 youths.

The Executive Secretary, NCDMB, Mr Simbi Wabote, said the board moved quickly to invest 30 per cent equity in the Waltersmith modular refinery project with the approval of its governing council.

According to him, one of NCDMB’s mandates is to develop in-country capacities and capabilities to utilise and add value to the nation’s hydrocarbon resources, while its vision is to serve as a catalyst for the industrialisation of the Nigerian oil and gas industry and its linkage sectors.

“This vision contributes to the realisation of our 70 per cent Nigerian content target in the oil and gas sector by 2027. Our partnership with Waltersmith and other similar investments are some of the levers we are using to deliver the target growth rate,” he said.