Contrary to speculations that the upcoming 20,000 barrels per day (bpd) promoted by Eko Petrochemical and Refining Company is going down, the U.S. Trade and Development Agency (USTDA) has reaffirmed its support for the Tomaro Island Port refinery in Amuwo – Odofin area of Lagos State.
Acting Director, USTDA, Thomas Hardy who toured the site during a project inspection assured that the Agency will continue to assist in sourcing for financiers through companies in America that will support the project for speedy completion of the refinery.
He said whereas the multimillion dollar scheme will represent an opportunity for United State (U.S.) businesses to export technologies and services in support of Nigeria’s refining goals, the refinery would drive infrastructure development and economic growth in Nigeria.
Business Hilights recalls that in far away 2017, the USTDA had approved a grant of $1m (N360m) for the detailed engineering design of the Eko Petrochemical modular refinery in Lagos.
During the inspection, hardy noted that the investment in the engineering design of Eko Petrochemical Refinery Project on Tomaro Island forward was to actualise and make a reality the vision of Capt. Emmanuel Iheanacho in driving modular refinery in Nigeria.
He recalled that the growing support for the Lagos scheme is part of deepening closer bilateral co-operation between the United State and Nigeria in encouraging private sector activities to create jobs.
Earlier in her remarks, USTDA’s Country Manager, Sub-Saharan Africa, Shannon Roe told journalists that part of the reasons why the agency came for inspection was to see the level of current activities at the place since the last visit in 2017.
She added that with the level of transparency in the development of the refinery, more US direct investments to the country are underway.
In his brief remarks, Chairman of Eko Petrochemical Refinery Company, Emmanuel Iheanacho revealed that whereas the company had completed the planning stage, finished drawing-up of the feasibility map and the detailed work-front engineering which has met both the Department of Petroleum Resources’ (DPR) and America’s specifications, progress has been encouraging.
He disclosed that “Even though the requirement to develop indigenous refining capacity on Nigerian soil is very high indeed, he said, local refining capacity will allow us realise our ambitions with respect to import substitution potential, leading to great savings in scarce forex requirements.”
Iheanacho hinted that about $120m was needed to deliver the refinery even as more financing partners in financing the project and handling the Engineering Procurement and Construction (EPC) are underway.
