Ijeoma Agudosi/Chinedu Byron Izuora
The Department of Petroleum Resources(DPR) has taken new steps to promote establishment of modular refineries in the country.
The DPR explained that the development was necessary in order to increase local refining of crude oil and stem the tide of petroleum products into the country.
Deputy Director of the agency,Engineer Alfred Ohiami,who disclosed this at a stakeholder forum on modular refinery,said the DPR has reviewed downward the $1million prospective modular refinery owners are required to deposit with his agency.
According to him, All that the companies need to do when they are applying is to pay Fifty thousand dollars for license to establish and I don’t think if anyone is going into refinery processing,he needs to complain that Fifty thousand dollars licensing is too much. I think he need to reconsider whether he really want to do that because refinery is capital intensive’’.
He also said the agency has encouraged local finance industries to participate in the modular refinery by giving investors requisite assistance.
‘’We encouraged them to participate, they brought a lot of initiatives for companies to take advantage of. I know that they have improved and based also on this work that the local content board is doing. I believed that this story is not as bad as what you think, It is expected of the investors to approach these local financing, I know First bank is doing enough, even Zenith, let them visit them and I think the story is not as what it is use to be.
He also expressed that the DPR is determined to ensure transparency in the bidding process of modular refineries