Oil and Gas
You won’t believe what Edo Official says about Modular refinery and industrial revolution
Edo Government says the ongoing Modular Refinery project at Ologbo in Ikpoba-Okha Local Government Area of the state, will on completion, drive the state’s industrial revolution quest.
Mr Crusoe Osagie, Special Adviser to Gov. adsbygoogle || []).push({}); js">
He said the Edo Modular and Refinery Company Ltd. and AIPCC Energy, were on the verge of completing the 5,500bpd Edo Modular Refinery, now at 70 per cent completion stage.
“This is a key legacy project by the Gov. Godwin Obaseki-led administration to recalibrate the state’s industrial base, birthed through a Memorandum of Understanding (MoU).
“The project, sited at Ologbo in Ikpoba Okha Local Government Area, would produce from its feedstock 50 per cent of diesel (500,000 litres), 25 per cent of naphtha (300,000 litres) and 20 per cent of fuel oil (200,000) litres.
“The crude is to be sourced from the Nigerian Petroleum Development Company’s (NPDC) facility – oil mining lease (OML) 111, near Benin City.
“The Chinese consortium handling the construction of the modular refinery is made up of Peiyang Chemical Equipment Company of China (PCC), Sinopec International Petroleum Service Corporation (SIPS) and African Infrastructure Partners (AIP),” he said.
Osagie said the modular refinery project was among the growing list of ongoing legacy projects through MoU with local and international private investors, which included the 55MW CCTEC Ossiomo Power Plant, which had been completed and ready for use.
“The Benin Enterprise and Industrial Park, which development is ongoing and the Benin River Port, for which preliminary works are ongoing,” he said.
He said the governor was committed to resetting the economy of the state for prosperity and industrial growth.
According to him, the local content component of the refinery project ensures that Edo citizens are trained in welding, refinery operation and fabrication works to enable them participate in the construction of the refinery as well as its operation, post-commissioning.
“The refinery is at 70 per cent completion and we are very sure that it will soon be ready for commissioning,” Osagie said.
He added that the actualisation of the project was premised on the governor’s smart thinking and financial savviness from which he mobilised funds and resources to initiate and execute the project.
“Recall that the Edo State EXCO approved the release of N700 million as redeemable preference shares (investment) in the Edo Refinery and Petrochemical Company Ltd.
“The venture is expected to create legitimate employment opportunities, thereby reducing poverty, provide job opportunities for teeming youths in the communities.
“To facilitate the establishment of a fabrication yard as proposed by the promoters and create basis for expertise, professionalism and further training in the oil and gas industry.
“The take-off of the Edo Refinery and Petrochemicals Company benefits from a series of groundwork by the Obaseki-led administration that led to the setting up of Edo Investment Scheme Ltd.
“A Special Purpose Vehicle (SPV) to hold N2 billion investment funds in which the Ministry of Finance Incorporation (MOFI) and the Edo State Oil and Gas Producing Areas Development Commission (EDSOGPADEC) are to hold shares of 20 percent and 80 per cent respectively,” he said.
Osagie noted that the project would facilitate the state’s investment in various initiatives across the oil and gas sector, petroleum exploration, drilling and filling stations, sales and supply of gas, agro-allied products, petroleum and petrochemical products and other related businesses.
Source: NAN
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Business and Economy
Crude oil sales in naira: when it will begin…
Many have attributed the unstable prices of house commodities culminating in untold hardship to the fluctuating cost of fuel as a result of dollar fluctuation. This is as a result the sale by the Federal Government of Crude Oil to both foreign and local refineries.
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However, The Federal Government says it will begin crude oil sales in Naira to Dangote Refinery and others in October.
This is according to a statement by the Director Press and Public Relations, Federal Ministry of Finance and Economic Planning, Mr Mohammed Manga in Abuja on Monday, August 19th. 2024.
Manga said that the inaugural meeting with the implementation committee which was presided over by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun is to fast track the transaction.
“The Minister presided over a crucial meeting of the implementation committee on crude oil sales in Naira today.
“It is a significant step towards ensuring the speedy realisation of the presidential directive on crude oil sales in Naira with a view to enhancing Nigeria’s economic growth and development,” he said.
He said that the committee reviewed progress on key initiatives, including the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting from Oct. 1.
According to him, key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN).
He said that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).and the African Export-Import Bank (Afreximbank).were also. assigned roles to ensure smooth implementation.
“Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November,” he said.
Meanwhile, Edun said that the transaction would mark a significant milestone in country’s economic transformation.
He emphasised the need for transparency and directed the Technical Sub-Committee to finalisr details as well as prepare a report for the president, confirming that his directives were on track for implementation from September.
“ With the implementation committee’s progress, Nigeria is poised to witness a seamless transition to Crude Oil Sales in Naira.
“The collaboration among stakeholders, including regulatory bodies and financial institutions, will ensure a transparent and efficient implementation process.
“As the country moves towards this significant economic milestone, the impact on Nigeria’s growth and development is expected to be profound, setting a new standard for economic prosperity,” he said.
Dr Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), and Chairman of the Technical Sub-Committee, reported that the first Premium Motor Spirit (PMS) delivery from Dangote is expected in September.
Source: NAN
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Oil and Gas
Senate To Commence Public Hearing As Nation Loses $9 billion yearly On Mineral Resources
The Senate Committee’s would commence a 3-day public hearing Monday 13th September, 2021 on mineral resources owing to smuggling and illegal mining in the country.
The motion that is sponsored by the former governor of Abia State and Senator representing Abia North Senatorial District, Orji Uzor Kalu would focus on smuggling and illegal mining across the mineral resources endowed States
The cost of smuggling and illegal mining of gold was put at about $9 billion yearly in Nigeria which the Nigerian Senate expressed concern through a motion.
Relevant government and regulatory agencies in the sector would be grilled in a public hearing that will be chaired by the Chairman, Senate Committee on Solid Minerals, Mines, Steel Development and Metallurgy, Tanko Al-Makura.
According to a notice signed by Al-Makura, the Committee extended invitations to state governors; Central Bank of Nigeria; ministers of Mines and Steel Development; Finance and Budget; DGs/CEOs of parastatals and agencies under the Ministry of Mines and Steel Development; Executive Secretary of NEITI; Nigeria Labour Congress, Nigeria Immigration, among others.
Senator Kalu who is also the Chief Whip of the Senate had disclosed in the motion that mineral deposits were capable of sustaining Nigeria’s gross earnings, if smuggling and illegal activities were contained in the sector noting that Nigeria loses an estimated $54 billion from 2012 to 2018.
The lawmaker lamented the activities of unlicensed miners and incessant smuggling of the solid minerals out of the country by middlemen given the huge revenue losses, adding that over 250,000 jobs could be generated with over $500 million royalties and taxes paid to the Federal Government.
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Oil and Gas
NCDMB, ITF train 255 youths in vocational skills
The Nigerian Content Development and Monitoring Board (NCDMB) has, in partnership with Industrial Training Fund (ITF), trained 255 youths in nine vocational skills.
The board disclosed this in a statement issued by its management, in Abuja, on Sunday 30th August, 2020. adsbygoogle || []).push({});
It said the six months training that was being funded by the NCDMB and would be conducted by the ITF would cover classroom and intensive practical exercises in Hospitality and Tourism, Mobile Phone Repairs and Troubleshooting.
Others areas of interest, it said, include Information and Communication Technology, Electrical/Electronic Technology and Industrial Automation and Mechatronics.
Also, Instrumentation and Process Control, Mechanical Services & Maintenance, Residential Air-Conditioning and Refrigeration Maintenance and Building Technology.
It added that the beneficiaries were selected from the Board’s NOGIC-JQS platform, with representation from the six geo-political zones of the country.
”A further selection exercise was organised for the trainees, involving computer-based tests and oral interviews in Abuja, Lagos and Port Harcourt,” it added.
It quoted the Executive Secretary of NCDMB, Mr Simbi Wabote at the kick off ceremony as saying that the initiative was consistent with the objectives of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and NCDMB’s 10-Year Strategic Roadmap.
This, he said, targeted at growing Nigerian Content from 27 per cent in 2017 to 70 per cent by 2027.
“The Roadmap also aspires to retain over14billion dollars out of 20 billion dollars estimated annual industry spend in the country and create over 300,000 direct and indirect employment.
”The intent of the NCDMB/ITF collaboration is to close gaps in vocational and entrepreneurship skills among Nigerian youths, drive self-employment and value creation in the oil and gas industry.
“Also, linkage sectors and address youths’ redundancy and loss of economic value of human capital needed to drive economic growth.
‘Part of the goal is also to strengthen the linkage between the oil and gas industry and other sectors of the Nigerian economy and complement the Federal Government`s efforts towards job creation and diversification of the Nigerian economy,” he added.
Wabote further highlighted the premium NCDMB places on human capital development.
According to him, from the inception of the Board in 2010, over 9,000 Nigerians have benefitted from our training in various skill areas for graduates and artisans resulting in over 10 million training manhours.
He assured that NCDMB would continue its training interventions and widening its coverage to vocational and entrepreneurship skills, which are critical to the creation of employment, sustainable growth and diversification of the Nigerian economy.
He expressed delight over the Board’s partnership with ITF, which had excelled in the strategic role of leading the development of knowledge and skills in the various sectors of the Nigerian economy.
Source: NAN
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