The Nigerian Content Development and Monitoring Board, NCDMB, Sunday, stated that in partnership with Waltersmith Petroleum Oil Limited, they would assist Equatorial Guinea in developing modular refineries in the central African nation.
In a statement in Abuja, the NCDMB stated that the building of modular refineries in Equatorial Guinea would enable the country to process some of its crude oil and derive increased value from the hydrocarbon resources.
It will be recalled that Nigeria is yet to build a modular refinery in the country, despite repeated calls by experts for the same to be built to address the over-dependence of the country on imported fuel.
According to the NCDMB, the bilateral cooperation was confirmed weekend, after the Executive Secretary of NCDMB, Engr. Simbi Wabote and Chairman Waltersmith, Mr. Abdulrazaq Isah hosted the Minister of Mines and Hydrocarbons, Equatorial Guinea, His Excellency Gabriel Mbaga Obiang Lima at the 5,000 barrels a day Waltersmith modular refinery being developed at Ibigwe in Imo State, with 30 percent equity investment from the NCDMB.
Speaking on the partnership, Wabote described the cooperation between Nigeria and Equatorial Guinea as a perfect example of the benefits of the recently signed Africa Continental Free Trade Agreement, AfCTA, which encourages African countries to trade and cooperate among themselves.
He maintained that governments and businesses in Africa needed to cooperate closely and lift the continent out of its present state, rather than depending on foreign assistance and aid.
Wabote highlighted the local content benefits of the Waltersmith modular refinery, noting that it was being built by a local company and 90 percent of the workers are Nigerians, while he added that most of these would be replicated to create jobs and put young people out of idleness.
Speaking in the same vein, Minister of Mines and Hydrocarbons, Equatorial Guinea, Gabriel Obiang Lima, noted that his country plans to replicate the Nigerian modular refinery initiative so that it can stop the wholesome export of its crude oil and begin to add value to the resources.
He underscored the need for knowledge and experience sharing amongst African countries, particularly in the petroleum sector and also expressed delight that a new dawn had come in the African oil industry where nations needed to start utilizing their crude oil resources more efficiently.
He said, “We cannot continue to export crude oil. We should start processing our products and we are watching what Nigeria is doing and we want to replicate them.
“There are a lot of things we can learn from brotherly countries and in this case, Nigeria. Rather than go to Europe or the United States or Asia, we decided to visit our neighbour, to see what they do. We believe that with this cooperation and experience between our country and Waltersmith and the Nigerian petroleum industry, we should be able to replicate it.”
