IPMAN acquires land for $3bn refineries in Kogi, Bayelsa

The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Monday announced its commitment to provide leadership in establishing private refineries.

Mr Chinedu Okoronkwo, IPMAN national president, told NAN in Lagos that the association had acquired more than 1,000 hectares in Kogi and Bayelsa for the proposed $3bn refineries.

IPMAN had earlier in July concluded a business deal with some international investors to build two refineries worth at Itobe, Kogi, and Abbe, Bayelsa.

The foreign investors had conducted feasibility studies on the project in August.

Okoronkwo said that the Federal Government had through the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, welcomed the investor’s initiative to commence work on the two refineries.

He urged the ministry of power to support the IPMAN refinery initiative by providing the sites access to the national grid.

He said when completed in 24 months, the refineries would initially produce about 200,000 barrels of petrol per day.

Okoronkwo said that IPMAN’s aim was to contribute in the management of existing national capital flight that characterised the oil and gas sector following the absence of a functional refinery.

“The cost of taking crude and bringing it back as refined products will be reduced. We want government to give us the necessary licences and enabling environment to operate,” he said.