Some Nigerians have hailed Governor Godwin Obaseki over the establishment of Edo Modular and Refinery Company Limited and AIPCC Energy to provide jobs for his people.
The legacy project is on the verge of completing the 5500bpd Edo Modular Refinery to recalibrate the state’s industrial base, birthed through a Memorandum of Understanding (MoU).
Kola Ologbondiyan, the National Publicity Secretary of PDP, tweeted “With a modular refinery at 80% completion, Osiomo Power Plant and many life-changing projects in just 4 yrs, is truly a man worth his salt.”
Soji Tade tweeted “So Edo State will soon get its own oil refinery. This is nhuge for the region. Heard the refinery is 80% completed. And BMC/APC said Obaseki didn’t achieve anything.”
Sherishery @Mz_ sherifa said “This is a refinery built by Obaseki administration in Edo State to be commissioned by September 2020.”
If@nneki wrote “For those wey think say the Edo Refinery project na audio, Governor Obaseki is doing wellas a benefit papa benefitting his people.”
The sited at Ologbo at Ikpoba in Okha Local Government Area (LGA), would produce from its feedstock 50 per cent of diesel (500,000 liters), 25 percent of naphta (300,000 liters) and 20 percent of fuel oil (200,000) liters. The crude is to be sourced from the Nigerian Petroleum Development Company’s (NPDC) facility – oil mining lease (OML) 111, near Benin City.
The Chinese consortium handling the construction of the refinery comprises Peiyang Chemical Equipment Company of China (PCC), Sinopec International Petroleum Service Corporation (SIPS) and African Infrastructure Partners (AIP).
Recall that the Edo State EXCO had approved the release of N700 million as redeemable preference shares (investment) in the Edo Refinery and Petrochemical Company Limited.
The venture expected to create legitimate employment opportunities will reduce poverty, provide job opportunities for teeming youths in the communities, facilitate the establishment of a fabrication yard, and create basis for expertise, professionalism and training in the oil and gas industry.
The take-off of the Edo Refinery and Petrochemicals Company benefits from a series of groundwork by the Obaseki-led administration that led to the setting up of Edo Investment Scheme Limited, 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) which are to hold 20 per cent and 80 per cent shares respectively.
It would facilitate the state’s investment in various initiatives across the oil and gas sector; petroleum exploration, drilling and filling stations, sales and supply of gas, agro-allied products, petroleum and petrochemical products and other related businesses.
