Hong Kong Firm To Build 200,000 Barrels Refinery In Nigeria

0 738

A Hong Kong based firm,  Blooming Faith Petroleum Ltd, is partnering the Federal Government to build  and operate a 200,000 barrels per day ( bpd) capacity in Nigeria.

The company, a subsidiary of Blooming Faith Global Holdings, plans to build the refinery in Akwa-Ibom state.

Its chairman, Dr. Robert Yeung during his visit to Nigeria, said  the was planning to build the refinery in order to help Nigeria reduce the importation of petroleum products.

He said:’’ Two major reasons informed the decision of the to build a refinery in Nigeria. First, is the need to fill a vacuum created by the failure of the four government-owned refineries to perform to optimal capacity in the country. Secondly, is the realisation that Nigeria is an investment destination, which must be explored to the fullest.’’

[Also Read] Nigeria: NNPC awards 2017 crude oil term contracts to 39 firms

He said his company is not interested in exporting fuel, but to produce it for the domestic market, adding that discussions are on-going with the Nigerian National Petroleum Corporation (NNPC) and the Department of Petroleum Resources (DPR).

Also, the ’s Director in charge of International Operations, Mr. John Erigwe, said   the company has the financial capability and expertise to see the project through.

HONG KONG REASONS

According to him, Blooming  is interested in investing in Nigeria’s economy, stressing that this is main reason why the is planning to discuss with the Honourable Minister of State for Petroleum resources Dr. Ibe Kachikwu, how to achieve this goal.

He said the refinery, if approved by the Federal Government, would follow Dangote Petrochemcial Refinery in terms of size and output.

.Still on the issue, Chief Executive officer of ‘D’Alphaxristi Ltd and consultants to the firm, said  it is pertinent that the Government eases the pathway to as a way of encouraging investors to commit funds to projects.

[Also Read] Nigeria becomes largest importer of gasoline from China

“This is one of those that will have direct impact on the ordinary Nigerian people and the government should give such project immense priority. Investors must be encouraged with incentives and access to government support when required.

It would be recalled that Nigeria’s Minister of State for Petroleum, Dr. Kachikwu was in China recently on a Road Show that aimed at creating awareness for the nation’s economy.

The show is expected to provide  $100 billion worth of for and gas industry.

More Oil and Gas Industry News on Orient Energy Review.


Be the first to know when we publish an update

Leave a Reply