The Edo Modular Refinery operated by Edo Refinery and Petrochemical Company Limited is expected to meet 100 per cent of Nigeria’s Low Pour Fuel Oil need with support from the state government.
The first phase of the facility, capped at 6000bpd, is on the verge of completion in Ologbo, Ikpoba Okha Local Government Area of the state.
This is according to a statement emailed to our correspondent by the Special Adviser, Media to the Edo State Government, Crusoe Osagie.
The statement titled ‘Obaseki’s reforms: Edo Modular Refinery to meet 100% of black oil demand, boost industrialization’ was dated September 7.
Chairman of ERPC, Michael Osime, was quoted in the statement to have said that when the company must have met the local demand for the production of Low Pour Fuel Oil, the Central Bank of Nigeria would have to remove the product from its foreign exchange list.
The LPFO is a fundamental input in steam generation in many labour-intensive industries such as textiles, construction, food and beverages. It drives industrial growth.
Osime was quoted to have said, “The modular refinery has achieved 95 per cent mechanical completion. The pre-commissioning activities are expected to commence soon.
“Our expansion programme to 30,000bpd will save in excess of $350m in foreign exchange per annum.
“The facility will also meet 100 per cent of the demand for LPFO per annum. Therefore, with our production capacity, the CBN can remove LPFO from the foreign exchange list.”
Osime thanked the state and federal governments for creating a good business environment that led to the speedy realisation of the project.