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IPMAN Waiting for FG’s Approval to Build New Refineries

The plan to build new refineries in Kogi and Bayelsa states is still underway as the Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday said it remains committed to the project. Speaking on behalf of the body, Alhaji Ahmed Fashola, the National Assistant Secretary of IPMAN, told journalists yesterday in Lagos that they had already acquired over 1,000 hectares of land for the project.

 

With the project costing IPMAN $300 billion, Alhaji Fashola revealed that foreign investors had completed their feasibility studies late last year and were primed to proceed with the project.

 

All that remained, the IPMAN spokesman noted, was the Federal Government’s directive to commence work.

 

The proposed refineries will be located at Itobe and Abbe in Kogi and Bayelsa States respectively; they are projected to produce 200, 000 barrels of petrol per day.

 

Fashola reiterated IPMAN’s commitment, stating that the project had come to stay in IPMAN.

 

“We are pursuing it very strongly because we believe in the success of the refineries.

 

“We bought over 1,000 hectares of land in Kogi and Bayelsa; the states have given approvals, but what we are waiting for is the government directive.

 

“Once government approval has been given, we are ready to move to the site and commence production.

 

However, we want a clear directive from the government on this,” the IPMAN official said.

 

Urging the Federal Government to give the nod, IPMAN’s official stated that their goal was to contribute their quota as stakeholder in the oil and gas sector, in order to reduce the level of capital flight by foreign investors that characterised the industry.

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“The cost of exporting crude oil and bringing back refined products will be reduced.

 

“We want government to give us the necessary licence and ensure an enabling environment to operate,” he said.

 

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