Modular Refineries: FG to waive import duty on equipment

modular refineries

Minister of State, Petroleum Resources, Dr Ibe Kachikwu, has assured stakeholders of the 5,000 barrels per day Ikwe-Onna modular refinery in Akwa Ibom State, that the Federal Government will support import duty waivers on machinery, equipment and components for the refinery and other modular refinery projects.

The Minister who stated this at stakeholders and project kick-off meeting for the refinery in Uyo, Akwa Ibom State recently, said Federal Government would also facilitate access to the Nigerian Content Intervention (NCI) fund managed by the Bank of Industry (BOI) for the development of modular refineries in the country.

The assurance by the government came following the granting of Approval to Construct (ATC) license for the $60 million Ikwe-Onna refinery scheduled to be completed between 2019/2020.

According to a statement from the refinery investor, Kachikwu who was represented by the Director of Oil Services in the ministry, Engr. Busari Kamaru, said government would facilitate crude supply agreements from producers; ownership-joint venture investments with the host communities and state governments.

The Vice President, Prof. Yemi Osinbajo, who was represented at the meeting by his Senior Special Assistant on Niger Delta Affairs, Iyamu Edobor, said having completed all the licensing processes and required approvals, everything was now set for the commencement of the actual construction of the Ikwe-Onna modular refinery.

The Chairman, Ikwe-Onna refinery, Engr. Bassey Rex, regretted that despite being the highest producer of oil in the country, Akwa Ibom State could not boast of any operational refinery.

He said the vision to establish a modular refinery in the state was driven by interested stakeholders that were willing to invest in the project in the state.

(Visited 34 times, 1 visits today)



Do NOT follow this link or you will be banned from the site!