Edo Modular Refinery to earn $125million per annum from Naptha export

Edo Modular Refinery to earn $125million per annum from Naptha export

- The Edo Modular Refinery is set to earn $125million per annum from Naptha export

- This was revealed by the chairman of Edo Refinery and Petrochemical Company Limited, Michael Osime

- Already, the refinery has reached 90% mechanical completion and efforts are in top gear to beat a September 2020 commissioning deadline

PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!

The Edo Modular Refinery being developed by Edo Refinery and Petrochemical Company Limited (ERPC) with support from the Edo state government is set to earn about $125million foreign exchange from the exportation of naptha, which is one of the major products from the facility.

Chairman of ERPC, Michael Osime, who disclosed this in a statement, said the refinery benefits from the federal government’s ease of doing business programme through which it granted fiscal incentives such as duty waiver on importation of equipment.

Already, the refinery has reached 90% mechanical completion and efforts are in top gear to beat a September 2020 commissioning deadline, with a team of over 250 locally-recruited engineers, fabricators and other workers engaged on the project.

Edo Modular Refinery to earn $125million per annum from Naptha export
File photo of the Edo Modular Refinery. Photo credit: @EdoStateGovt
Source: Facebook

PAY ATTENTION: Get the Latest Nigerian News Anywhere 24/7. Spend less on the Internet!

On expansion, Osime said the company would “meet 18 per cent of local demand for diesel and earn in excess of $125million from the export of Napha per annum.”

He also assured that the refinery would rejig the state’s economy by attracting feeder industries.

Political watchers in Edo say Governor Obaseki has been very consistent in siting laudable projects across the state.

Recall that the Onojie of Ekpoma, His Royal Highness (HRH), Anthony Abumere II, on Friday, August 21 commended Governor Obaseki for his projects across Ekpoma, Esan West local government area of the state.

The traditional ruler, who was impressed with the various developmental projects executed by the Governor Obaseki-led administration in Ekpoma, assured the governor that his people would show their appreciation with their votes at the September 19 governorship election.

Legit.ng had earlier reported that the refinery is set to meet 18% of Nigeria’s diesel demand after its expansion.

“On expansion, the refinery would increase the refining capacity in Nigeria and meet 18 per cent of the local demand for diesel in Nigeria,” Osime said previously.

In a related development, Rosatom, Russia’s state-run nuclear energy corporation, has proposed the use of Small Modular Nuclear Reactors (SMR) to address the perennial power shortage that plagues most African nations, especially Nigeria.

Acting Chief Executive Officer of Rosatom, Central and Southern Africa, Mr Ryan Collyer, made the submission in a recent statement.

According to Collyer, there is a global shift toward nuclear, not only in the energy sector, but also to address a myriad of other issues.

Primate Ayodele: Oshiomhole should stop fighting God's project | Legit TV

Source: Legit.ng

Tags:
Online view pixel