Agip to build refinery in Nigeria – Kachikwu

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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Tuesday disclosed that an agreement has been reached with Agip to build a refinery in Nigeria.

According to him, the 150,000 barrels capacity refinery will be located in Port Harcourt, Rivers State.

Speaking with State House correspondents after the meeting between Agip top management and Acting President Yemi Osinbajo at the Presidential Villa, Abuja, Kachikwu said: “We just finished a meeting with the Acting President and Agip. In the meeting we dealt with the issue of Agip investment in Zabazaba field and their cooperation with us in the repairs of Port Harcourt refinery.

“During the meeting with Agip we reached an agreement that Agip will build a brand new refinery of 150,000 barrels capacity which will be located in Port Harcourt or Brass. They have accepted and preparing an MoU along this line.

“The effect of this is that oil companies operating in Nigeria will begin to migrate from only exportation of crude and begin to look on how to start refining this crude so that we will be able to meet our local consumption.

“This new refinery and along with other things we are going to do with the refinery in Port Harcourt give us hope in our quest to try and increase our local capacity to produce every refine product we need in the country and to meet the time line of  2019.”

He said the government is now going ahead to work out the modality with Agip.

The minister also called on other multinational companies in the country to see how they can toe the same line.

According to him, Agip, which has the second largest power plant, will be on stream by 2020.

He added: “This is to make sure they are not only just taking away crude but making other local investment.

“Total investment in area of power and the refinery from Agip is in excess of $15 billion.”

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