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FG to Provide Loans for Refinery Investors

By on September 3, 2012

The Presidency has directed the Federal Ministries of Finance and Petroleum Resources to set up an inter-ministerial committee to provide financing solutions for companies interested in investing in refineries in the country.

The initiative was disclosed last Thursday by the Minister of Petroleum Resources, Diezani Madueke, during the inauguration of the Anambra River Production Facility owned by Orient Petroleum.

According to the minister, government will provide support for indigenous oil companies  willing to invest in every area of the value chain of the oil  and gas sector.

She said, “This shows the way we want to go in the industry; we want to encourage more indigenous oil companies to emulate Orient Petroleum Resources in investing not just in production but also in refining.

“We are working with the Ministry of Finance to set up an inter-ministerial committee to work out ways to give financial support to indigenous companies to bring in modular refineries.”

Also speaking at the event, the Chairman of Orient Petroleum, Chief Emeka Anyaoku said the refinery was expected to be operational by Q4, 2013.

He said, “Our expectation is that the refinery will be up and running by the end of next year.

“We expect that by the end of next year, we should be refining 20,000 barrels of oil every day and gradually after that we will build up to 35,000 then 55,000 and possibly higher.”