Oil & Energy
FCMB Boosts Modular Refinery
An energy park, consisting of a modular refinery, gas processing facility, compressed natural gas plant, a refined product terminal, a 20 megawatts power plant and data centre constructed by Duport Midstream Company Limited and financed by First City Monument Bank (FCMB) is set for completion and commissioning in March this year.
Mrs. Yemisi Edun, Managing Director/Chief Executive Officer (MD/CEO) of FCMB, announced this during an inspection tour of the management of the bank to the facility located at Egbokor, Orhionmwon Local Government Area in Edo State.
Speaking after assessing the project, Mrs. Edun restated the commitment of the bank to championing and supporting initiatives that would fast-track national development across all sectors of the economy.
According to her, “our partnership with Duport Midstream Company Limited is progressive and will positively impact many sectors of the economy. So, we are excited to fund this project and pleased with the progress achieved.
“It will help meet part of our local petroleum consumption needs, reducing fuel importation and forex loss when fully operational. Replicating this model will strengthen the value of the naira in the long run and create job opportunities in the petroleum value chain”, she said..
Also speaking, the CEO of Duport Midstream Company Limited, Dr. Akintoye Akindele, affirmed that the project would be commissioned in March as soon as the government approves it.
According to him, “the regulator will come for inspection and ensure that all we designed are ready. Then, we will start testing in the next 30 to 45 days for the government to confirm that it meets all standards.
“However, this will be delivered in modules: Phase one will be going live in the next 30 days. After we get approval from the Nigerian Midstream and Downstream Petroleum Regulatory Authority to go live, we will start with a 2,500 barrel per day refinery, 40-million-scf gas processing, 5 megawatts power, a data centre and almost 20,000 metric tonnes of storage.
“Our plan after the initial take-off is to add the other modules to it quarterly and biannually. In that way, we will be able to utilise assets optimally, avoid wastage, look after the environment and create jobs”, he said.
Dr. Akindele added that when the energy park finally comes on stream, it would leverage infrastructure to deliver energy to the country, reduce dependence on importation of petroleum products, create jobs and ensure optimal utilisation of the nation’s assets.
He further disclosed that the company also has expansion plans for a 10,000 barrel per day refinery, 60-million-scf gas processing plant, 10-million-scf compressed natural gas plant, 50 megawatts power plant, which are part of the facilities to be delivered in the park.
FCMB is a member of FCMB Group Plc, Nigeria’s leading and most diversified financial holding company with subsidiaries that are market leaders in their respective segments. The Bank has built a strong base in various sectors of the nation’s economy by consistently offering cutting-edge solutions to its customers across segments.
Having transformed successfully into a retail banking and wealth management-led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.
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Delta Targets 120MW Power Boost, Moves To Cut Reliance On National Grid
The State Commissioner for Works (Rural Roads) and Public Information, Charles Aniagwu, disclosed this at a press conference in Asaba, weekend, noting that the initiative was part of wider reforms aimed at opening up the power sector to private investors.
Aniagwu, who was accompanied by the Executive Assistant to the Governor on New Media, Felix Ofou, said the state was exploring alternative sources of electricity to support businesses, households and communities while reducing pressure on the national grid.
He said the government was particularly interested in exploiting Delta’s abundant natural gas resources for power generation, pointing to the Kwale Free Trade Zone, which is part of the state’s special economic zone, as a major opportunity for investors.
According to him, prospective investors were taken to the zone during the state’s recent economic summit to enable them to assess the availability of gas as a key raw material for electricity generation. ComparePower Rates
The commissioner explained that generating more electricity locally would not only increase supply in Delta but also free up power on the national grid for use by other consumers.
Aniagwu cited the 8.5MW Independent Power Plant located behind the state secretariat in Asaba as an example of what could be achieved through alternative power sources.
He said the facility had enabled the secretariat complex to operate independently of the national grid, thereby making the electricity that would otherwise have been consumed there available to other users.
He added that the planned 120MW partnership with Supply Power would further strengthen the state’s electricity supply capacity and provide a more reliable power base for small and medium-sized enterprises.
Aniagwu said the state government was also intervening in areas traditionally regarded as the responsibility of electricity distribution companies because inadequate power supply could no longer be allowed to constrain economic development. LearnQuantum Physics
He identified the extension of the electricity grid from Abraka towards the Ndokwa axis as one of the interventions being undertaken to connect more communities to electricity.
The commissioner, however, raised concerns over the burden placed on communities that are often required to provide transformers and other electricity infrastructure, only for distribution companies to take over the facilities and subsequently collect electricity bills without adequately accounting for the investments made by the communities.
He said the state would continue to support efforts aimed at energising communities, noting that improved electricity supply would stimulate businesses, create jobs and help tackle social problems associated with unemployment and idleness.
On regulation, Aniagwu said the government was working with the Ministry of Energy and a committee set up to develop an appropriate regulatory framework for the state’s emerging power sector. SwitchEnergy Plans
He said the proposed energy commission would be responsible for regulating new electricity producers, determining appropriate tariffs and overseeing distribution networks.
The commissioner stressed that liberalising the sector required effective regulation to protect consumers and investors, adding that decisions on power distribution infrastructure, including the use of overhead or underground lines, must take into account the peculiarities and safety requirements of each location.
He warned that power expansion without adequate regulation could expose residents to electrocution and other hazards, stressing the need to protect electricity infrastructure while ensuring consumers were not subjected to unfair pricing.
Aniagwu said the state government’s broader objective was to build an efficient and sustainable electricity market driven by private investment and capable of powering businesses, households and communities across Delta State.
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