IPM AN Acquires Land For Kogi, Bayelsa Refineries

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced its commitment to provide leadership in establishing private refineries.
IPMAN National President, Mr Chinedu Okoronkwo, told newsmen in Lagos on Monday that the association had acquired more than 1,000 hectares in Kogi and Bayelsa States for the proposed $3 billion (N486 billion) refineries.
IPMAN had earlier in July concluded a business deal with some international investors to build two refineries worth about $3 billion at Itobe in Kogi, and Abbe in Bayelsa.The foreign investors had conducted feasibility studies on the project in August.
Okoronkwo said the Federal Government had through the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, welcomed the investor’s initiative to commence work on the two refineries.
He urged the Ministry of Power to support the IPMAN refineries initiative by providing the sites access to the national grid.
He said when completed in 24 months, the refineries would initially produce about 200,000 barrels of petrol per day.
Okoronkwo said that IPMAN’s aim was to contribute in the management of existing national capital flight that characterised the oil and gas sector following the absence of a functional refinery.
“The cost of taking crude and bringing it back as refined products will be reduced. We want government to give us the necessary licences and enabling environment to operate,” he said.

Chairman, Subsidy Reinvestment and Empowerment Programme (SURE-P), retired Gen. Martin Lurther-Agwai (right), boarding a train during inspection of Light Rail project in Abuja recently. Photo:NAN