By Osaigbovo Iguobaro, Benin
The Edo Refinery and Petrochemicals Limited said it planned to refine 60,000 barrel per day (bpd) of crude oil soon.
Segun Okeni, Head Quality, Health and Safety/Community Relations on Tuesday said this during an inspection tour by members of the Edo State House of Assembly to the site at Ologbo, Ikpoba-okha Local Government Area of Edo State.
He revealed that the modular refinery would commence operation between end of September and mid-October.
Segun said the first phase of the project would target 1,000bpd, 6,000bpd for the second phase, and 60,000bpd in the long run.
He noted that the first phase of the refinery is 99 percent completed, adding that it would target four products which include, 55 per cent of diesel, 38 percent of fuel oil, less than 10 percent of naphta and the rest will be gas to power the processing the equipment.
In terms of the economic potential of the project, he said on commencement, the company would boost economic impact of the locality, state and Nigeria at large.
“Some of the products will be exported thereby oost foreign exchange and by the time of we extend it to different phases, we would be able to take care of more than 80 per cent of diesel requirement in Nigeria. That is the vision we have in the next five years.
“We have directly employed more than 300 people; among those are males and females. Majority are from the host communities in Edo. The environment has been friendly, the host community and the government have been cooperative and that is why we are able to deliver to this stage.
“We are almost rounding off, it is just left with Less than a percent. We are going to work with the government, and people around the community will benefit from this project,” he said.
Segun further revealed that there are plans currently in progress to source crude from the Nigerian Petroleum Development Company (NPDC) facility few kilometres away from the project site.
Speaker, Edo State House of Assembly, Hon. Francis Okiye commended the executive arm of the government, noting that the investment is for the benefit of Edo people.
He expressed optimism that the project would create more revenue, jobs, wealth and ease the pressure on other refineries.
“For us to be satisfied that there is judicious use of the money appropriated by the executive. We are here on an oversight function and inspection for proper justification of our funds.
“As part of stimulus to encourage investment. The governor committed N700m to the company. There is already employment and there will be chains of benefits that will be coming here.
“As an individual I am satisfied with the investment . The investment here is apt, worth it, futuristic and beneficial to the State.