Epic Petrochemicals to establish $10 billion refinery in Bayelsa

Kaduna Refinery

Epic Petrochemicals, a Nigerian firm is set to establish a $10 billion 100,000 barrels per day refinery at Oporoma in Bayelsa State.

The company is teaming up with Sino Asia Energy Company Limited as technical partners and HSBC Global as financial partners.

Managing Director of Epic refinery, Sir Barango Mathew Wenke Jr., disclosed that preliminary works had already begun at the 1,000 hectare site and that the company is awaiting approval from the Department of Petroleum Resources in order to commence actual construction.

The CEO also disclosed that the company would complete construction of the refinery no later than 24 months after the DPR approvals have been secured.

Wenke Jnr. said HSBC, the refinery’s financial partners would provide additional $20 billion for investment in Nigeria’s upstream oil sector after the refinery was completed.

He said the funds would be used for the buying over of choice oil blocks, and establishment of retail outlets.

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