TheCable

The US trade and development agency (USTDA) has approved a grant of $1 million (N360 million) for the detailed engineering design of 20,000 barrel per day (bpd) modular refinery in Lagos.

Enyeribe Anyanwu, head, media communications of Integrated Oil and Gas Ltd, disclosed this in a statement made available on Sunday.

Anyanwu said the US ambassador to Nigeria, Stuart Symington, who disclosed this during the official signing of the agreement in Lagos, commended the initiative of Eko Petrochem and Refining Company’s management.

Symington expressed the hope that the proposed 200, 000 bpd production refinery would attract more investments to the country and develop host communities.

“The grant was meant for detail engineering design and development of the proposed refinery in Tomaro Industrial Park in Lagos,” he said.

“I feel honoured to be part of the success story. I also promised to support the projects to actualisation.”

The ambassador commended the chairman of Integrated Oil and Gas, Emmanuel Iheanacho, for his commitment to the project.

He said Iheaneacho noted that the investment was coming at a time when the country needed it most.

He also praised the federal government for believing in the power of the individual citizens and entrepreneurs to undertake laudable projects for the nation’s development.

“He is doing it at a time with a government that believes Nigeria can do what can be done anywhere in the world.’’

Iheaneacho said the Eko Petrochem and Refining Company would complement efforts of the federal government in providing a lasting solution to the problems of importation of refined petroleum products into the country.

He said that the US government, acting through the USTDA, has accelerated the process of the planned economic investments through the industrial development grant.

“The grant is to be specially used to finance the completion of the detailed analysis of supporting technologies and engineering for the implementation of 20,000 bpd crude oil refinery.

“We are delighted by the USTDA award as it seems the U.S. Government and the trade agency have by this gesture, recognised the economic and development potential of our ongoing modular refinery project and the Tomaro Industrial Park/Free Trade Zone which today comes into formal existence.

“By delivering this grant, the agency has demonstrated its commitment to the infrastructure development and economic growth of Nigeria, especially in the areas of export technologies and services that promote the country’s refining capacity,’’ he said.

“We also need to source investment funds, to fully actualise the built-up project. The scale of the cash investments required is of the order of $250 million.

“We expect to raise this huge sum from borrowing or from equity investment committed to the project. For any potential investor, please contact me and trust me it will be money well spent.

“The vision of Eko Petrochem and Refining Company is to develop a modular scalable 20,000 bdp greanfield refinery/topping plant.”