Ipman proposes three oil refineries in kogi

The Independent Petroleum Marketers

Association of Nigeria (IPMAN) has announced

plans to establish private refineries.

IPMAN National President, Mr Chinedu

Okoronkwo, told newsmen in Lagos that the

association acquired more than 1,000 hectares

in Kogi and Bayelsa for the proposed $3 billion

(N495 billion) refineries.

IPMAN had earlier in July concluded a

business deal with some international

investors to build two refineries worth about

$3 billion at Itobe, Kogi, and Abbe in Bayelsa

State.

The foreign investors conducted feasibility

studies on the project in August.

Okoronkwo said the federal government had

through the Minister of Petroleum Resources,

Mrs Diezani Alison-Madueke, welcomed the

investor’s initiative to commence work on the

two refineries. He urged the Ministry of Power

to support the IPMAN refinery initiative by

providing the sites access to the national grid.

He said the refineries which will be completed

in 24 months, will at the initial stage produce

about 200,000 barrels of petrol per day.

Okoronkwo said IPMAN’s aim was to

contribute in the management of existing

national capital flight that characterised the oil

and gas sector following the absence of a

functional refinery.

“The cost of taking crude and bringing it back

as refined products will be reduced. We want

government to give us the necessary licences

and enabling environment to operate”, he said.

(NAN)