Aiteo Oil Company of Nigeria is set to diversify into the upstream sector of the Nigerian petroleum industry by developing a greenfield refinery which will be able to refine up to 100,000 barrels per day by 2017.
According to oil industry sources the project is presently at the conceptualization stages and it aims to fast track the development and construction of the refinery so that actual production from the refinery can commence.
The company is a full service energy group, offering expert capabilities in various areas of the energy value chain, such as bulk petroleum products storage, petroleum products marketing, supply and trading and retail service station network.
Aiteo is now aiming to grow its shareholder value by investing in development and production assets onshore and offshore Nigeria that provide a combination of early cash flow and potentials to discover substantial hydrocarbon reserves.
To achieve this company entered into a number of partnerships with reputable multinational exploration and production companies possessing the right technical capabilities to evaluate and appraise opportunities and develop its assets.
