The promoter of Lagos 20,000 barrel daily modular refinery has challenged Nigeria government to provide the enabling environment for financial support to boost the West African country's quest to increase capacity for refined petroleum products.
Emmanuel Iheanacho, Chairman, Integrated Oil, and Gas, said the government support is required to make the dream of creating modular refineries in the country a reality.
Iheanacho said the federal government should come up with a policy framework that will compel financial institutions to make funds available to indigenous players who might intend to build modular refineries.
“Financial support is one major area we need government’s help if government realises that there is need to have a lot of the small-scale refineries to turn around the economy," he noted, adding that government should make provision for financing because it is the key requirement to do 20,000 barrels per day.
According to him, building such modular refinery requires an investment of millions of dollars, saying “We are not asking to be given grants and handout but to be assisted in the process of being able to secure financing in major financial institutions,”
According to him, building such modular refinery requires an investment of millions of dollars, saying “We are not asking to be given grants and handout but to be assisted in the process of being able to secure financing in major financial institutions,”
Iheanacho is the promoter of 20,000 Barrel Per Day (BPD) production capacity of Eko Refinery and Petrochemical.
He said the modular refinery at Tomaro Island Port Lagos, to cost $250 million would be a hub for the refinery industry.
He noted that when the 20,000 bpd refinery comes on stream it will address government’s frequent importation of refined petroleum products into the country.
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