The Nigerian Content Development and Monitoring Board (NCDMB) is providing equity investment for the establishment of two modular refineries in Imo and Bayelsa states.
Mr Simbi Wabote, the Executive Secretary of NCDMB, said the refineries would produce a total of 17,000 barrels of crude oil daily.
“Another major achievement under our technical capability pillar is the provision of equity investment to catalyse the establishment of 5,000 barrels per day modular refinery by Waltersmith Refining and Petrochemical Company Limited in Ibigwe, Imo State, and in the 12,000 barrels per day Hydroskimming modular refinery by Azikel Petroleum Limited at Obunagha, Gbarain, Bayelsa State.”
According to Wabote, while the Waltersmith refinery is on track for completion in May 2020, the Azikel refinery would be completed in 2021.
“We expect about 300,000 litres of diesel daily in addition to various volumes of naphtha, kerosene, and fuel oil from Waltersmith, while Azikel will produce about 1.5 million litres or 50 trucks of petrol daily, including 170,000 litres of diesel and other products.”