The Edo Refinery and Petrochemicals Limited, a project partly sponsored by the Governor Godwin Obaseki-led administration in Edo State and being developed by AIPCC Energy Limited at Ologbo, Ikpoba Okha Local Government Area of Edo State, will commence operation before the end of the year.
In a statement made by the, Special Adviser to the Governor on Media and Communication Strategy, Mr Crusoe Osagie, said the project is part of the state government’s efforts to transform Edo from a civil service state to an investment and industrial enclave.
The project’s Technical Director, Mr. Tim Tian, said the refinery will get its feed stock (crude) from the Nigerian Petroleum Development Company’s (NPDC) facility – oil mining lease (OML) 111, near Benin City.
He added that when operation starts,the refinery will produce from its feedstock 50 per cent of diesel (500,000 liters), 25 per cent of naphta (300,000 liters) and 20 per cent of fuel oil (200,000) liters.
The Executive Council had approved the release of N700 million as redeemable preference shares (investment) in the refinery and petrochemical project.
The statement added that the venture “will create legitimate employment opportunities thereby reducing poverty, provide job opportunities for teeming youths in the communities, facilitate the establishment of a fabrication yard as proposed by the promoters, and create basis for expertise, professionalism and further training in the oil and gas industry.”