All our refineries will become fully functional in 2019 - Minister Ibe Kachikwu

All our refineries will become fully functional in 2019 - Minister Ibe Kachikwu

- Ibe kachikwu says Nigeria's refineries would start working in 2019

- Kachikwu says President Muhammadu Buhari's government is determined to ensure the refineries work

- He says the plan is to start refining 20 percent from now and later increase it to 50

The minister of state for petroleum, Ibe kachikwu, on Thursday, October 4, revealed that it would be saddening if the nation’s refineries are not functional by the end of 2019.

According to him, the present administration is committed to ensuring that the importation of petroleum products is curtailed.

The News Agency of Nigeria (NAN) reports that Kachikwu stated in Ibigwe-Ohaji in Ohaji\Egbema council area of Imo during the ground-breaking for construction of the 5,000 BPD modular refinery by Walter Smith petro-chemical limited.

READ ALSO: Kwara PDP primary: The result was disappointing - Bolaji Abdullahi

The report said the project is being partnered by the Nigerian Content Development and Monitoring Board (NCDMB)

The minister said that the Buhari administration was committed to ensuring that the nation’s refineries became functional by the end of 2019.

“It would be sad if by the end of 2019 we are still importing fuel from abroad.

“So, we are committed in repairing the refineries; by that we can at least process about 500,000 barrels of crude per day.

“The policy of this administration is ‘go back to refining about 20 percent of our crude which will move to 50 percent in the next five years’,” he said.

The minister who commended management of Walter Smith for partnering the NCDMB to realize the project said that he was hopeful that in 18 months the modular refinery would be inaugurated.

Also, the executive secretary of the NCDMB, Kesiye Wabote, said the board invested US $10 million to catalyze the development of the modular refinery and took 30 percent equity in the project.

He added that the NCDMB would divest when the modular refinery was fully developed and operational.

Wabote pointed out that NCDMB was promoting the Walter Smith Modular refinery as part of its capacity development mandate.

He said that the investment was also in line with the Nigeria content 10- year strategic plan.

The chairman of Walter Smith, Abdulrazaq Isa, said that the Walter Smith 5,000 BPD Modular refinery was conceptualized in 2011 to mitigate the frequent outage of the third-party export trans-Niger pipeline.

He added that it was to optimize the full value of the country’s produced crude through in-country products for the domestic market.

PAY ATTENTION: Read the news on Nigeria’s #1 new app

“When operational in 18 months time we will.produce per day: Naphtha - 24,643 liters, Kerosene - 54,691 liters, Diesel - 300,168 liters, HPFO - 409,710 liters.

“The refined products will be sold and evacuated from the refinery via dedicated trucks from bay five truck rack where products are loaded into the tankers,” he said. earlier reported that it was a black day for some residents of Lagos as a tanker said to have been loaded with fuel, exploded along the Badagry expressway in the morning of Tuesday, October 2, reportedly killing an unspecified number of people.

Lagos Governor: Is Sanwo-Olu a Better Candidate Than Ambode?| TV

Source: Legit Nigeria

Online view pixel