Tuesday, October 15, 2019
Banner Top

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has made it known that the approved private sector driven Refinery in Mashi, Katsina State will be completed in 2021, the refinery would have the capacity to produce 150, 000 barrels per day when completed.

Kachikwu and the Nigerien Minister of Energy, Foumakaye Gado signed a Memorandum of Understanding (MoU) between Nigeria and Niger Republic on the construction of the refinery.

The Minister noted, “Presently, we have mentally structured our minds for a three-year period to finish the work on the refinery but that depends on what we find during the technical studies.’’ There is potential to also establish another extension of the refinery in Kaduna State.

According to the Minister, “It’s going to be in Katsina but there is a potential for an extension to Kaduna but bear in mind, this started first from a perspective of Niger wanting to build a pipeline from Niger to Kaduna refinery. But at the Board of NNPC, we shut that down because the asset quality of the crude from Niger was not the same with our own and we would have had to take almost 90 per cent of our own crude to match their own 10 per cent of crude so it just didn’t make any sense. So at that point, we decided to do a refinery that is targeted at their crude.”

A renowned investor, Ibrahim Zakari disclosed that the proposed refinery will gulp about two billion dollars which will be needed for the construction of the Mashi Refinery in Katsina. The renowned business man has pledged to spearhead the take-off of the first 100 per cent private driven refinery.

Zakari reiterated that the privately driven refinery will be funded by U.S., Canada, India and the Middle East.

It is going to be a 50,000 barrel refinery that will be scaled up to 100,000 with the crude coming from Niger Republic. The project will be completed in about five years and would provide job opportunities for more than 2,500 Nigerians. The two countries will benefit immensely from the refinery project which is expected to augment and resolve Nigeria’s petroleum issues with regards to Premium Motor Spirit also known as fuel largely used across the country.

 

 

0 Comments

Leave a Comment

Brent Crude Oil

WTI Crude Oil

Advertisement

img advertisement

Advertisement

img advertisement

Newsletter