The approval by Edo state for the
building of its first modular refinery has qualified Governor Godwin
Obaseki to accompany President Muhammadu Buhari on an investment tour in
China.
building of its first modular refinery has qualified Governor Godwin
Obaseki to accompany President Muhammadu Buhari on an investment tour in
China.
Nigeria’s federal government listed other
several Edo State government’s projects which are backed by Chinese
investors, on its itinerary.
several Edo State government’s projects which are backed by Chinese
investors, on its itinerary.
Other Chinese investors-backed big
projects in Edo State include the Benin River Port in Gelegele, and the
Benin Industrial Park.
projects in Edo State include the Benin River Port in Gelegele, and the
Benin Industrial Park.
The modular refinery in Benin City has
already received Edo State Executive Council approval of initial
investment of $2.3 million.
already received Edo State Executive Council approval of initial
investment of $2.3 million.
Sources said: “All these projects which
Chinese investors have committed to, will receive final nod during the
visit of president Buhari.”
Chinese investors have committed to, will receive final nod during the
visit of president Buhari.”
Governor Obaseki was at the
Chinese Embassy during the week for more consultations with officials
of the People’s Republic of China, preparatory to the Buhari-led
investment tour of the Asian
country.
Chinese Embassy during the week for more consultations with officials
of the People’s Republic of China, preparatory to the Buhari-led
investment tour of the Asian
country.
The money approved is for redeemable preference shares (investment) in the Edo Refinery and Petrochemical Company Limited.
According to Obaseki, the company will be
involved in the production of petroleum and petrochemical products and
other related businesses.
involved in the production of petroleum and petrochemical products and
other related businesses.
“The venture will enhance
the local refining capacity, thereby increasing the volume of nahtha,
kerosene, diesel and residual fuel oil products available in Edo State.”
the local refining capacity, thereby increasing the volume of nahtha,
kerosene, diesel and residual fuel oil products available in Edo State.”
“It will create legitimate
employment opportunities thereby reducing poverty and providing job
opportunities for teeming youth in the communities and facilitate the
establishment of a fabrication
yard as proposed by the promoters, thereby creating basis for
expertise, professionalism and further training in oil and gas
industry.”
employment opportunities thereby reducing poverty and providing job
opportunities for teeming youth in the communities and facilitate the
establishment of a fabrication
yard as proposed by the promoters, thereby creating basis for
expertise, professionalism and further training in oil and gas
industry.”
The take-off of the Edo Refinery and
Petrochemical Company follows series of groundwork by the government of
Edo that led to the setting up of Edo Investment Scheme Limited.
Petrochemical Company follows series of groundwork by the government of
Edo that led to the setting up of Edo Investment Scheme Limited.
The Investment scheme is a Special
Purpose Vehicle (SPV) to hold N2 billion investment funds in which the
Ministry of Finance Incorporation
(MOFI) and the Edo State Oil and Gas Producing Areas Development Commission (EDSOGPADEC).
Purpose Vehicle (SPV) to hold N2 billion investment funds in which the
Ministry of Finance Incorporation
(MOFI) and the Edo State Oil and Gas Producing Areas Development Commission (EDSOGPADEC).
It would facilitate the state’s
investment in various initiatives across the oil and gas services,
petroleum exploration, drilling and filling station, sales and supply of
gas, oil agro allied products, petroleum and petrochemical
products and other related businesses.
investment in various initiatives across the oil and gas services,
petroleum exploration, drilling and filling station, sales and supply of
gas, oil agro allied products, petroleum and petrochemical
products and other related businesses.
