Nigeria says new refinery will boost local fuel supply, reduce imports
President Muhammadu Buhari on Tuesday commissioned a 5,000 barrels capacity Waltersmith modular refinery in Ibigwe, Imo State and said that the establishment of modular refineries will make petroleum products available in the country and eliminate importation.
In a statement by presidential spokesman, Femi Adesina, President Buhari was said to have spoken at the virtual inauguration of the modular refinery, as well as the Ground-Breaking Ceremony for Phase-2, works to expand the capacity of the refinery to 50,000 barrels/day.
The president noted that modular refineries were one of the four key elements of his administration’s Refinery Roadmap rolled out in 2018.
President Buhari said that the implementation of his administration’s Refinery Roadmap will make Nigeria a net exporter of petroleum products.
He expressed delight that Waltersmith refinery in Ohaji Egbema Local Government Area of Imo State was coming on stream within two years of the commencement of the Roadmap, after many years of granting licenses for the establishment of modular refineries with nothing to show for it.
“Furthermore, there is increased momentum in the other three focus areas under the Roadmap covering the Rehabilitation of existing refineries, Co-location of new refineries, and Construction of greenfield refineries.
“The realization of the Refinery Roadmap will ultimately lead us to become a net exporter of petroleum products not only to our neighbouring countries but to the worldwide market.
“This modular refinery is the largest commissioned modular refinery in the country today.
“The role played by the Federal Government through the Nigerian Content Development and Monitoring Board (NCDMB) in going into collaboration with Waltersmith Refining and Petrochemical Company is novel in concept and superb in delivery,” he said.
The President described plans to commence the expansion of the capacity of the refinery to 50,000 barrels per day to refine crude oil and condensates as an important part of economic reforms the country is undergoing.
“I look forward to seeing this new phase completed within the target timeframe,” he said.
President Buhari, therefore, directed the Ministry of Petroleum Resources, Department of Petroleum Resources (DPR), NNPC, as well as all relevant Government Agencies to provide Waltersmith Company all the necessary support to access crude oil and condensate feedstock for the timely delivery of the additional capacity.
In line with his administration’s agenda on jobs creation, the President said he was pleased to note that hundreds of direct and indirect jobs were created during the construction of the first phase of the project in addition to the various business opportunities.
Equally, he expressed hope that the construction of the second phase of the project will create bigger additional employment opportunities.