Nigeria Will Become A Net Exporter Of Petrol – Buhari

President Muhammadu Buhari, has said that his administration has focused on making Nigeria a net exporter of petroleum products.

Buhari, who virtually commissioned the 5,000 barrels per day Waltersmith Modular Refinery in Ibigwe, Imo State said that the project is in fulfillment of the National Refinery Roadmap, adding that work is now commencing on expansion of the capacity of the refinery to 50,000 barrels per day.

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He said, “We rolled out our administration’s Refinery Roadmap in 2018, with the ultimate goal of making Nigeria a net exporter of petroleum products.

“The Roadmap has four key elements, namely, Rehabiliation of existing refineries, Greenfield Refineries, Co-location & Modular Refining.

“I am delighted that the Waltersmith Refinery is coming on-stream within two years of the commencement of the Roadmap, and after many years of granting licenses for the establishment of modular refineries with nothing to show for it.”

The Chief Operating Officer, Gas & Power, Waltersmith, Yusuf Usman, said that the modular refinery has a crude oil storage capacity of 60,000 barrels and is projected to deliver over 271 million liters per annum of refined petroleum products which include Kerosene, Diesel, Naphtha and Heavy Fuel Oils to the domestic market.

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According to him, the bulk of crude oil supply for this phase would come from Waltersmith’s upstream business with backup from Oil Mining Lease, OML, 53 (Ohaji South) Seplat/Nigerian National Petroleum Corporation, NNPC, Joint Venture, JV, third party crude currently processed at Waltersmith Ibigwe Flowstation and additionally from the 2020 Marginal Fields Bid Round for a nearby asset.

The Chairman, Waltersmith Group Abdulrazaq Isa, said, “The first module being commissioned today is 5,000 barrels per day, refining capacity.

“We are looking at 50,000bpd refining capacity that will come with the planned additional two modules; 25,000bpd and 20,000bpd refining capacity respectively, which will then add PMS, Aviation fuel and LPG to the product slates.”

Waltersmith Company had obtained the ‘License to Establish’ the modular refinery from the Department of Petroleum Resources, DPR, in June 2015 and got the ‘Authority to Construct’ in March 2017.

The company entered into partnership with the Nigerian Content Development and Monitoring Board and Africa Finance Corporation to raise the required financing.

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NCDMB has 30 per cent equity while AFC committed credit facility towards the project.

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