The Minister of Petroleum Resources, Chief Timipre Sylva will commission a 5,000 barrels per day (BPD) modular refinery located in Ibigwe, Imo State on 23 November 2020.
This was disclosed in a letter to the Chairman of Waltersmith Refining and Petrochemical Co Limited, Mr Abdulrasaq Isa available on the official website of the Nigerian Investment Promotion Commission (NIPC).
NIPC expressed its happiness about the commencement of the company’s operations to refine crude oil, and noted that it would be a significant boost to Nigeria’s local refining capabilities.
The Chairman of Waltersmith Refining and Petrochemical Co Limited has acknowledged the Commission’s support in the journey to setting up the project.
Abdulrasaq revealing who would be commissioning the project and the project’s capacity said “this 5,000 BPD project which will be commissioned under the chairmanship of the Governor of Imo State, Chief Hope Uzodinma, is the first of a three-phase project. In the second phase, a 25,000 BPD capacity will be added and another 20,000 BPD, to bring the capacity to 50,000 BPD in the third and final phase.”
He further explained that “Waltersmith Refining and Petrochemical Company is a Joint venture (JV) between Waltersmith Petroman Oil Limited and the Nigerian Content Development and Monitoring Board (NCDMB); Waltersmith with 70 percent equity and NCDMB with 30 percent equity.”
NIPC is an agency of the Federal Government of Nigeria mandated to encourage, promote and coordinate investments in the country.