Yemisi Izuora
Emmanuel Iheanacho, Chairman, Integrated Oil and Gas Ltd, has said that investors need a clement environment to enable them make investment progress especially in refinery projects.
Iheanacho therefore urged the Federal Government to support the company’s ongoing 20,000 barrels modular refinery designed to help end frequent importation of refined petroleum products into the country.
The support, according to him, include policy framework that will compel financial institutions to make fund available to indigenous players that 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.
“We can now start exporting refined products than we are currently importing. Government should make provision for financing because it is key requirement to do 20,000 barrels per day. It requires an investment of over 100 million dollars.
“So we need government to assist modular refinery operators; we are not asking to be given grants and handout but to be assisted in the process of being able to secure financing in the major finance institutions,’’ he said.
Iheanacho suggested that if government could assist the operators to secure finance, it would assist them to realise some of the benefits that would drive the country’s economic growth geometrically.
He said that its 116 million dollars proposed refinery would be a reference point in Nigeria when completed.
He said that the 20,000 barrel per day (bpd) refinery was coming at a period when stakeholders have faulted the move by government to establish co-location refineries and rather advised them to give support to holders of modular refinery licenses.
According to him, The Tomaro refinery sited on a 90-hectare land in Amuwo Odofin Local council area was expected to begin production with Automated Gas Oil (AGO) known as diesel, Dual Purpose Kerosene (DPK), export quality aviation fuel, Naphta and fuel oil.
He said that the plant would be upgraded to produce Premium Motor Spirit (PMS) also known as petrol, as operations progressed.
According to him, the facility is designed as one-stop shop to comprise refinery plant, storage facility, flour mill, ship repair yard, helipad for aviation operations to offshore platforms and resort centres.
He said the project would also create employment in the country.