Ohaji/Egbema– The Minster of State for Petroleum, Dr Ibe Kachikwu, has actually stated that it would be unfortunate if the country’s refineries are not practical by the end of2019
Minister of State for Petroleum, Ibe Kachikwu.
According to him, today administration is devoted to making sure that the importation of petroleum items is cut.
Kachikwu mentioned this on Thursday in Ibigwe-Ohaji in OhajiEgbema council location of Imo throughout the ground-breaking for building of the 5,000 BPD Modular Refinery by Walter Smith petro-chemical restricted.
The task is being partnered by the Nigerian Material Advancement and Keeping Track Of Board (NCDMB).
He stated that the Buhari administration was devoted to making sure that the country’s refineries ended up being practical by the end of2019
” It would be unfortunate if by the end of 2019 we are still importing fuel from abroad.
” So, we are devoted in fixing the refineries; by that we can a minimum of procedure about 500,000 barrels of unrefined each day.
The policy of this administration is ‘return to refining about 20 percent of our crude which will transfer to 50 percent in the next 5 years’.
The Minister who applauded management of Walter Smith for partnering the NCDMB to understand the task stated that he was confident that in 18 months the modular refinery would be inaugurated.
Likewise, the Executive Secretary of the NCDMB, Mr Kesiye Wabote, stated the Board invested United States $10 million to catalyze the advancement of the Modular refinery and took 30 percent equity in the task.
He included that the NCDMB would divest when the modular refinery was completely established and functional.
Wabote explained that NCDMB was promoting the Walter Smith Modular refinery as part of its capability advancement required.
He stated that the financial investment was likewise in line with the Nigeria Material 10- year tactical strategy.
The Chairman of Walter Smith, Mr Abdulrazaq Isa, stated that the Walter Smith 5,000 BPD Modular refinery was conceived in 2011 to reduce the regular blackout of the third-party export trans-Niger pipeline.
He included that it was to enhance the amount of the nation’s produced crude through in-country items for the domestic market.
” When functional in 18 months time we will.produce each day: Naphtha– 24,643 liters, Kerosene– 54,691 liters, Diesel– 300,168 liters, HPFO– 409,710 liters.
” The refined items will be offered and left from the refinery by means of devoted trucks from bay 5 truck rack where items are packed into the tankers.( NAN).