News hotlines: 08111813019, 08025868561
Email: email@example.com, firstname.lastname@example.org
Top United States downstream oil sector investment group, Missouri American Energy, Moham, has given strong indication of investing about $400m in the construction of Nigeria’s first modular refinery.
The facility for the scheme is coming two tranches, first $200m for the component fabrication in the US and Nigeria while the second $200m will take care of strategic infrastructural development in the host community.
Coming with a daily output of 20,000 barrels per day capacity in Gbaramatu Kingdom, Warri South-West Local Government Area, Delta State, the group said consistency in enabling environment will drive the scheme.
President of the group, a Nigerian, Henry Iwenofu, led a delegation of the company’s top officials and local partners to the Minister of State for Petroleum, Dr. Ibe Kachikwu and explained that they are ready for the Gbaramatu Modular Refinery (GMR), expected to be the first modular refinery in Nigeria.
The delegation was made up of the pioneer chairman of Delta State Oil Producing Areas Development Commission, DESOPADEC, and Bolowei (Prime Minister) of Gbaramatu Kingdom, who is the promoter of Gbaramatu Modular Refinery, Chief Wellington Okirika, Investor’s Representative, Howard Wegman of Community Capital Group of Canada, Vice President and Director, Moham, Dr Chike Okechukwu and Dr. Alfred Okeke, respectively.
The Minister represented by the Executive Director/Coordinator, Nigeria National Petroleum Corporation (NNPC), Refinery, Downstream and Infrastructural Development, Engineer Rabiu Suleiman, said that President Muhammadu Buhari was worried about the environmental degradation and pollution associated with the unprofessional, unscientific and unconventional methods being adopted by local refinery operators in the country.
The scenario, according to him has forced the government change decision and begins to encourage the establishment of modular refineries so that local refinery operators can key into the project.
Suleiman made it clear that President Buhari has directed MDAs to relax all bureaucratic requirements required for the establishments of such a refinery so that foreign investors like Missouri American Energy Moham and Community Capital Group of Canada could do business with ease.
Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.