As the Federal Government intensifies efforts toward addressing the lingering fuel scarcity in the country as well as forestall future reoccurrence, the Vice President, Prof Yemi Osinbajo says about 10 modular refineries are at different stages of development in the Niger Delta.
Prof. Osinbajo stated this in a statement issued by his Special Assistant on Media and Publicity, Mr. Laolu Akande. The statement disclosed that the refineries are located in five out of the 9 states in the Niger Delta region. It named the states to include Akwa Ibom, Cross River, Delta, Edo and Imo States.
The refineries according to him have a proposed refining capacity of 300, 000 barrels per day.
"The Vice President believes the modular refinery initiative which featured prominently in recent talks between the Federal Government and the oil-producing areas, as represented by PANDEF, will also reposition the petroleum industry. They would ensure self-sufficiency of petroleum products while serving as a disincentive for illegal refineries and oil pollution."
On the stages of development, the statement said;
“Advanced stage of development for the modular refineries means that the projects have passed the Licence to Establish (LTE) stage, while some have the Authority to Construct (ATC) licence or close to having it because they have met some critical requirements in the Licensed stage. There are three stages in the process of refinery establishment; Licence to Establish (LTE), Authority to Construct (ATC) and Licence to Operate (LTO),’’ it added.
The statement according to NAN further directed the Federal Ministry of Petroleum Resources to keep providing the necessary support and creating the enabling environment for positive investments in modular refineries by engaging key government agencies. It listed the agencies to include Niger Delta Development Commission, NDDC, Nigerian Content Development & Monitoring Board, NCDMB, and financial institutions, including the International Finance Corporation, African Export-Import Bank (Afreximbank), Nigerian Sovereign Investment Authority, Bank of Industry, amongst others.
