IPMAN Proposes $3bn Private Refineries In Kogi, Bayelsa

Must Read

Buhari Orders Distribution Of 150 Trucks Of Rice To Nigerians

Zainab Ahmed, Minister of Finance, Budget and Planning says President Muhammadu Buhari has ordered distribution of 150 trucks of...

PDP Slams FG Over Fake N500bn Social Intervention Fund

The Peoples Democratic Party has described the All Progressive Congress-led government N500 billion social intervention fund to cushion the...

385 Americans Evacuated In Nigeria Over COVID-19

The United States of America has evacuated 385 nationals from Nigeria over the Coronavirus pandemic.The United States becomes the...

COVID-19: Kaduna Records Five New Cases; Traces 119 Contacts

The Kaduna State government says it has recorded a new case of the COVID-19 pandemic, bringing the total number...

Ganduje Extends Stay At Home For Civil Servants By Two Weeks

Governor of Kano State, Abdullahi Umar Ganduje has announced the extension of the stay at home order for civil...
Ardent Reader, News Freak, Socio-Political Commentator, Archaeologist & Pro-Democrat.

oil-refineryThe Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to establish private refineries.

IPMAN National President, Mr Chinedu Okoronkwo, told newsmen in Lagos that the association acquired more than 1,000 hectares in Kogi and Bayelsa for the proposed $3 billion (N495 billion) refineries.

IPMAN had earlier 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 State.

The foreign investors conducted feasibility studies on the project in August.

Okoronkwo said the federal government had through the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, welcomed the investor’s initiative to commence work on the two refineries. He urged the Ministry of Power to support the IPMAN refinery initiative by providing the sites access to the national grid.

He said the refineries which will be completed in 24 months, will at the initial stage produce about 200,000 barrels of petrol per day.

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. (NAN)

- Advertisement -


Please enter your comment!
Please enter your name here

More Articles Like This

- Advertisement -