IPMAN To Build $3bn Refineries In Kogi, Bayelsa

In a bid to encourage the establishment of private refineries across the country, the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced it has acquired more than 1,000 hectares of land in Kogi and Bayelsa for the proposed $3 billion refineries (N495 billion).

IPMAN had in July entered into agreement with some international investors for the construction of two refineries at Itobe, Kogi State and Abbe, Bayelsa State, followed by feasibility studies in August.

Accoording to IPMAN National President, Chinedu Okoronkwo, the Federal Government had through the Minister of Petroleum Resources, Mrs Diezain Alison-Madueke, welcomed the investor’s initiative to commence work on the two refineries.

He therefore urged the Ministry of Power to support the IPMAN refinery initiative by ensuring the sites have access to the national grid.

The refineries are expected to be completed in 24 months, with an initial production of about 200,000 barrels of petrol per day.

“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,” said Okoronkwo.

The IPMAN president said that the aim of the association was to contribute its quota in reducing the amount spent by the government on taking crude oil abroad for refining.