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Published On: Mon, Jun 30th, 2014

Oil marketers set to build $3bn refineries in Bayelsa, Kogi

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Nigeria RefineryFrom Ayodele Samuel, Lagos

In ensuring effective distribution of petroleum products across the nook and crannies of the country, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has planned to build ultra-modern refineries in Bayelsa and Kogi states worth $3 billion.

 The IPMAN National president, Elder Chinedu Okoronkwo gave the assurance at the weekend in Lagos during an official courtesy visit by the national executive to the western zone of IPMAN.

 Okronkwo said theat the ground breaking refineries which is scheduled before the end of the year, is in collaboration with foreign investors.

 “We are proposing to build two refineries in Nigeria, one in Bayelsa and Kogi to ease scarcity, which is part of the present administration’s agenda.

 “We are in discussion with our foreign investor which arrangement and agreement to commence work will be seal before July ending while ground breaking is expected to commence in fourth quarter of the year,’’ he said.

 The president said that “the  proposed refineries in two states if it come on stream  will go a long way in ensuring availability of petroleum to IPMAN members and ease scarcity in the country.

 According to Okoronkwo, “we will ensure that the product will get to all nock and crannies of the country, it will also grow the GDP of the country because they capital flight will reduce drastically

 “Where Nigerian are spending $60 dollars in exporting and bring refine product the proposed refinery will reduce the cost and stress of exporting crude to bring in refine product.

 “It will also create job, there will be massive job creation where lots of Nigerian youths will be gainfully employed  “You will agree with me that it will also stop incessant kidnapping in the country.  Okoronkwo stated that the proposed refineries will go a long way in opening up the socio-economic growth of the country, which will also key into the transformation agenda of Mr President Goodluck Jonathan.  According to him, it is our believe that we should be part of the moving force to grow the economy that is why we are can express our

desire in this form  “Our investor plan to invest about huge amount of money like $3 billion dollars into the Nigeria economy, by July ending the investor will come to commence survey and agreement.  “We are ready to commence the project and we hope to make it work we are also involving our money.  He said that the leadership of the association has written to all IPMAN banks to unfrozen the account which had also see reason to unfrozen it.

 “We are going on with our legitimate work no account of the association was under frozen the association and generate of people has seen that the present leadership has sincerity of mind.

 The president said that the association is also working with NNPC, PPPPRA and PPMC in ensuring product availability  He however commended the effort of the minister of petroleum resource and the managing director of PPMC for their steadfast in ensuring g prompt and effective discharging of petroleum products to all depots across the country.

 “Our commercial arm of IPMAN investment are going better but the moment the refinery come on stream it will go way to ensure product availability.

 Nigerian should try to move beyond the use of kerosene to gas adding that the gas that is been flare yearly in Nigeria should be harness to for the betterment of the country.

 “Kerosene should be used for aviation and other purposes that is what we are doing right now in bring our refineries on stream.  “We want to enlighten Nigerian on the benefit in using gas, ones the refineries commence full operation kerosene availability will be things of the past.

 “Government should also ensure passage of the PIB to attract investors so that the industry can open up

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