The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Monday announced its commitment to provide leadership in establishing private refineries. IPMAN’s National President, Mr. Chinedu Okoronkwo, told the News Agency of Nigeria (NAN) in Lagos that the association had acquired more than 1,000 hectares in Kogi and Bayelsa States for the proposed $3billion (N495 billion) refineries.

IPMAN had earlier in July concluded a business deal with some international investors to build two refineries worth about $3billion at Itobe, Kogi State, and Abbe in Bayelsa State.

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. Diezain Alison-Madueke, welcomed the investor’s initiative to commence work on the two refineries.

The IPMAN’s President urged the Ministry of Power to support the IPMAN refinery 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 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.

Source: Thisday