Business Hilights
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Agip begins feasibility studies on new 150,000bpd refinery

In keeping with its resolve to deepen investment in Nigeria’s oil and gas sector, Nigerian Agip Oil Company (NAOC), a subsidiary of Italian oil major, Eni, has begun feasibility studies for the construction of a new 150,000bpd refinery in the Niger Delta.

Vice-Chairman and Managing Director of the company, Mr. Massimo Insulla, dropped the hint in Yenagoa during a two-day succession planning workshop for NAOC’s small and medium-scale vendors earlier in the week.

According to him, NAOC is currently creating the enabling environment for oil and gas businesses to thrive and the commencement of the feasibility study on the refinery is one of the areas we are working on now.

He disclosed that “Eni, our parent company, is committed to expand our operations and grow Nigerian content,” adding that ‘’We are implementing a number of projects in the Nigerian oil and gas industry as well as energy sector including our Zabazaba deep offshore project, ongoing feasibility for the construction of a brand-new 150,000 barrel-of-oil-per-day refinery, support for refurbishment of Port Harcourt refinery, efficiency of the national grid, alternative energy mix, etc.’’

Giving a rundown of investments in the last six years, Insulla revealed that Eni had spent over $5.4bn in-country in the last six years to grow Nigerian content.

Business Hilights recalls that the Minister of State for Petroleum, Dr. Ibe Kachukwu had few months ago, sealed the new refinery deal with the Eni leadership in Italy.