Integrated Oil & Gas Ltd. a privately owned indigenous company, which deals in the provision of refined petroluem products, plans to build a 20,000 capacity modular refinery in Lagos.
According to the Chief Executive Officer (CEO), Capt. Emmanuel Ihenacho, the company has been given initial license and preliminary approval by the Department of Petroleum Resources (DPR) to build the refinery which will cost between $75 – $250 million. The CEO revealed that work is been carried out on the Environmental Impact Assessment, EIA, while the company will also seek for funds from local and international banks.
Capt Ihenacho also has this to say on getting the final license;
“If you go to the DPR website you will see all the terms and conditions for granting of refinery licenses. The DPR gives you license in stages, it gives you license to establish, license to construct and after that it gives you license to operate.
“DPR would not sit down and say let us go and do an EIA and after that they will give you license. They give you license based on the technology that is used for refining and your ability to give then very good presentation on that subject before they say alright go and start it.” He also noted if the refinery is constructed without the capacity to produce Petroleum Motor Spirit, PMS, Automated Gas Oil, AGO and the like, the cost would be around $75 million (N25.8 billion), whereas if those components are included, the cost would be around $200 million (N69 billion)”.
Since the refinery will be located on one of the islands on the coast of Lagos, Ihenacho said that the management of the company and the traditional rulers (about 16 Baales) in that area have had several meetings, in order to get the approval of the host communities where the refinery will be located
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