President Muhammadu Buhari has assured that the oil refinery roadmap initiated by his administration will soon lead to Nigeria exporting petroleum products to neighbouring African countries soon.
The president said this on Tuesday at the commissioning of the 5,000 barrels-per-day Modular Refinery and the groundbreaking of the 45,000 BPD lant in Imo State. The two projects are owned by Waltersmith Group, an indigenous oil firm chaired by Abdulrazak Isa.
He directed the relevant government agencies – the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources to provide all the necessary support to the refinery with regards to access to crude oil and condensate feedstock.
Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.
“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.”
According to the President, the refinery roadmap includes the rehabilitation of the existing refineries, collocation of new refineries and construction of greenfield plants.
“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.
The Chairman, Waltersmith Group, Mr Abdulrazaq Isa, said the refinery would deliver over 271 million litres of refined petroleum products yearly, including kerosene, diesel, naphtha and heavy fuel oils, to the domestic market.