Aiteo to Build 500,000bpd Refineries in Niger Delta

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By Sunday Elom

There are hints that embattled Aiteo Eastern Exploration and Production Company (AEEPC), is planning to build two refineries that would produce a total of 500,000 barrels of oil per day (bpd) in the Niger Delta.

A top official of the company who spoke to journalists under anonymity said that the two refineries would be located in Rivers and Bayelsa states. The official added that the planned refineries would be getting feedstock from its oil producing assets and other secondary arrangements.

According to him, the company obtained a license to embark on the project from the defunct Department of Petroleum Resources (DPR). He said that Aiteo had already worked out all its plans and was going ahead to execute them.

“Like I said, we are the biggest independent in the country. We are playing across all the value chains. We are building our refinery, which is 500,000 barrels, that’s massive. We are building two: one in Bayelsa and one in Rivers State. That’s 250,000 barrels each.

“So, we intend to be producing all kinds of petroleum products, ranging from PMS (premium motor spirit), lubricants, petrochemicals, and others.

“We will be getting feedstock from our producing assets and secondary sources. So, we have all our plans worked out and we are going ahead with them one by one,” the Aiteo’s official said.

He maintained that the energy transition will not prevent the oil firm from executing its plans, insisting that the firm will not borrow to fund the project.

The official said, “What energy transition? It’s not a problem for us. We have no problem with that. We don’t borrow. We use our money to finance our projects. So, energy transition or not , that’s not a problem for us.

“We have all our plans worked out and we are going ahead with them one by one. We have secured a license for the project.”

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