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IPMAN to invest $3bn in two refineries

By on July 1, 2014

The Independent Petroleum Marketers Association of Nigeria has said it is planning to invest $3bn in building two refineries in Bayelsa and Kogi states.

The President, IPMAN, Mr. Chinedu Okoronkwo, said this during a visit of the national executive to the western zone of IPMAN.

Okoronkwo, who said the groundbreaking ceremony of the refineries would be done before the end of the year, explained that the projects would be in collaboration with foreign investors.

He said, “We are proposing to build two refineries in Nigeria, one in Bayelsa and another in Kogi to ease fuel scarcity.

“We are in discussion with our foreign investors during which the arrangement and agreement to commence work will be sealed before July ending while the groundbreaking ceremony is expected to commence in the fourth quarter of the year.”

Okoronkwo said building refineries in the two states would go a long way in ensuring the availability of petroleum products to IPMAN members and ease fuel scarcity in the country.

He said, “We will ensure that the product will get to all nocks and crannies of the country, it will also grow the GDP of the country because capital flight will reduce drastically.

“Where Nigerians are spending $60 in exporting and bringing refined product, the proposed refineries will reduce the cost and stress of exporting crude. It will also create job; there will be a massive job creation where lots of Nigerian youths will be gainfully employed.”

Okoronkwo stated that the proposed refineries would also boost the socio-economic growth of the country.

According to him, the association believes in being part of the moving force to grow the economy.

He said, “By July ending, the investor will come to commence survey and agreement. We are ready to commence the project and we hope to make it work,” he said.

The IPMAN president said that the association was also working with the NNPC, the PPPRA and the PPMC in ensuring product availability.

 

 

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