By Audrey Lotechukwu
MON, 23 NOV, 2020-theGBJournal- The Presidency twitted Sunday that President Muhammadu Buhari will this week commission the first phase of the brand new petroleum refinery, the clearest indication yet that work has been completed and production ready to begin at the state-of-the-act refinery located at Ibigwe in Imo State, Nigeria.
Chief Timipre Sylva, Nigeria’s Minister of State for Petroleum Resources recently described the Modular Refinery, crucial for the development of the refining sector in Nigeria, as ‘’a major bright spot which has recently been incorporated into the Nation’s projection for petroleum product sufficiency and availability.’’
The new refinery is expected to contribute 271 million litres of refined products including diesel, naptha, HFO and kerosene annually to the domestic market.
The federal government holds a stake in the refinery, following the Nigerian Content Development and Monitoring Board (NCDMB) $10 million investment for a 30% stake in the refinery project in June 2018.