IPMAN and core investors to put up two Petrochemical refineries in Nigeria

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) and core investors from Peru and South America are to put up two petrochemical refineries in Kogi and Bayelsa States.

This was revealed by the Chairman of IPMAN, Bestman Inekwe, in Lokoja, yesterday as he visited the state governor Captain Idris Wada. The refineries when completed are expected to serve Nigeria, the West and Southern parts of Africa.

He further explained that, as businessmen, IPMAN are partnering with the federal government to industrialize the nation in the upstream and downstream sectors of the economy; which will also open the state to several opportunities.

According to Mr. Joseph Arosemena the CEO of the core investor group from Peru Water Carbon Field Limited, the refineries would cost US$3bn and is expected to be completed in two years time. The company will be referred as ‘Creek’ Refinery Company and will produce 200,000 barrel of oil per day. He also urged the state government to grant them the licence to start the project immediately to meet up with the two years expectation.

Apart from being safe, having Kogi as an innate location for the citing of the refinery, is also advantageous location to feed nine adjoining states including the nation’s capital. The dredging of the River Niger, the expansion of the railway with Kogi State as a hub, and the presence of the nation’s two major rivers led to the decision to locate the refinery in the state by IPMAN. Capt. Wada urges the state government’s security, technical and logistics support and waivers to land titles as may be expected from the state government in making the project a reality.