Epic Refinery Group, a Nigerian company, has signed a consulting agreement with a foreign firm, Chiron Refineries, for the construction of a 100,000 barrel refinery in Bayelsa State.
Managing Director of Epic Refinery, Barango Wenke Jnr. said the agreement followed the granting of licence to the company by the Federal Government. The agreement for the construction of the refinery was sealed in Lagos by representatives of both companies, led by Wenke Jnr., and Managing Director of Chiron Refineries, Ron Kuperberg, an expert on relocation and assets management.
According to the President/CEO of Epic Refinery Group, the initiative was his company’s response to the growing demand for refined products in the country, in the midst of the sharp decline in the price of crude oil in the international market.
He noted that with the forecast that the price of crude oil may further drop to below $20, it was imperative that the country commence refining of its crude.