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Akwa Ibom Greenfield Refinery Project Secures N270 billion Financing

By on September 6, 2012

Niger Delta Refinery and Petrochemicals Company Ltd has secured a $1.7 (N270 billion) financing agreement with Singapore-based Eton Group for the construction of a 100,000 barrels per day capacity refinery in Akwa Ibom state.

The construction of the refinery in Ubeno local government is slated to commence in December and reach completion in 24 months.

MD of Niger Delta Refinery, Allen Rennie said funding had been a challenge for project since 1996 when the license was secured.

He said: “We have been in financing, construction and oil business  for a long time not only here but elsewhere. We have the proper ingredient to finance and construct and we know that finance has always  stopped financing of  any private refinery in this country.

“So we are here to make a statement that we have the ability and happy that we have a partner that is committed to ensuring  that the project come to fruition.

“We are also aware that the government legislations and policies are still in place to allow the success of projects of this nature and if the government can offer a little assistance along the ways, we are sure that the commencement and completion date would be met”.

The Akwa Ibom state government has promised security will not be a challenge for the petrochemicals enterprise which is expected to provide over 5000 direct and indirect jobs to the host community.