$3bn Refinery: IPMAN awaits FG’s directive to kick-start

$3bn Refinery: IPMAN awaits FG’s directive to kick-start

The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Monday said it was awaiting Federal Government directive and policy to commence its proposed three billion dollars (N495 billion) refineries.
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Alhaji Ahmed Fashola, the National Assistant Secretary of IPMAN disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos.
NAN recalls that in July 2014 IPMAN acquired over 1,000 hectares of land to build refineries that would produce 200,000 barrels of petrol per day at Itobe, Kogi, and Abbe in Bayelsa Fashola said that the association remained committed to the project but been challenged with the delay in the government policies and direction on the project.

According to him, the body is on course on the refinery issues and believe that the project that has come to stay in IPMAN.

“We are pursuing it very strongly because we believe in the success of the refinery.

“We bought over 1,000 hectares of land in Kogi and Bayelsa, the states have given approvals but what we are waiting for is the government directive and policies.

“Once government approvals and consent has been given, we are ready to move to the site and commence production.

However, we want a clear directive from government on this,’’ he said.

The scribe said that foreign investors had conducted feasibility studies on the project in August 2014 in order to commence full operation.

Fashola urged the government to look into the project on time saying delay in its directive had marred the kick start.

Fashola said that IPMAN’s aim was to contribute its quota as a stakeholder in the project to reduce the level of  capital flight by foreign investors that characterised the oil and gas sector.

“The cost of exporting crude oil and bringing back refined products will be reduced.

“We want government to give us the necessary licenses and ensure an enabling environment to operate,’’ he added.

He condemned NNPC intention to build more retails outlets, adding that government had no business in constructing more but ensure prompt and adequate petrol distribution.

According to him, building more retail outlets by NNPC is not the nation’s problem because doing so means competing with marketers.

“We have signed a bulk purchase agreement with them, it is out of place for them to start competing with marketers.
“Building more retail outlets would not solve the problem but  rather NNPC should at all time make products available at all depots,’’ he said.
 

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