Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Energy

Buhari to commission phase 1 of brand new refinery this week

Chike Olisah by Chike Olisah
November 23, 2020
in Energy
Buhari to commission phase 1 of brand new refinery this week, Petroleum Industry Bill, revenue, FSDH, Buhari to release N600 billion for capital expenditure in 3 months, Nigeria @ 59: President Muhammadu Buhari’s speech, Buhari’s Budget of Sustaining Growth & Job Creation (Full text) , See what FSDH is saying about the 2020 budget and FG’s revenue drive , Nigeria recoups N594.09 billion from whistleblowing policy in less than 3 years , Buhari seeks speedy approval of the 2016/2018 external borrowing plan , Finance Bill to use banks as agents to tax Nigerians , FG battles 6 oil firms for failure to remit N20 trillion , President Buhari receives 2020 budget, fear of padding to delay assent , Nigeria’s Budget Spending Under Buhari Still Under 2013 Levels 
Share on FacebookShare on TwitterShare on Linkedin

President Muhammadu Buhari is expected to commission the first phase of a brand new petroleum refinery, which is located at Ibigwe, Imo State and owned by oil and gas integrated firm, Waltersmith Limited, this week.

The Federal Government holds a stake in the refinery, following an investment by the Nigerian Content Development and Monitoring Board (NCDMB).

READ: Leo Stan Ekeh, the whiz who launched Nigeria’s first locally manufactured computers

This disclosure was made by the presidency through a tweet post on his official Twitter handle on Sunday, November 21, 2020.

The presidency in its tweet post said, “This week President Muhammadu Buhari will commission the first phase of a brand new petroleum refinery by WalterSmith Limited, located at Ibigwe in Imo State. The Nigerian Government holds a stake in the refinery, following an investment by NCDMB.”

READ: Irate Nigerians drag Imo State Governor for snubbing Innoson Vehicles

The phase 1 of the project is the delivery of 5,000 barrels per day (BPD) Modular capacity refinery that is strategically located near the existing flow station and will process the circa 6,000 barrels of oil equivalent per day (boepd) currently produced by the upstream business to the readily available market in the south-eastern part of Nigeria.

This is expected to contribute about 271 million litres of refined products including Diesel, Naptha, HFO and Kerosene annually to the domestic market and create both direct and indirect jobs particularly within the host communities.

READ: Dangote urged to extend investments to Tanzanian oil industry

The second phase is the delivery of 25,000 BPD crude and condensates refinery; an upgrade on the 5,000bpd modular refinery.

The project is still at an early stage of development but is designed to produce the following products: gasoline, diesel, LPG, kerosene and aviation fuel.

READ: CAC to implement new technology for business registration, customers to print certificates

This is a huge boost to the Federal Government’s efforts to increase the country’s refining capacity of petroleum products and stop its importation.

Apart from the 650,000 barrels per day Dangote refinery that is expected to come on stream, there are several other modular refineries that are expected to take off.

READ: CBN grants licenses to 3 Payment Service Banks

Explore Data on the Nairametrics Research Website

This week President @MBuhari will Commission the first Phase of a brand new Petroleum Refinery by WalterSmith Limited, located at Ibigwe in Imo State. The @NigeriaGov holds a stake in the Refinery, following an investment by @OfficialNCDMB: https://t.co/BMlW8p8gMR

— Presidency Nigeria (@NGRPresident) November 22, 2020

Related

Tags: NCDMBNigeria NewsNigerian Content Development and Monitoring BoardWaltersmith Limited

Comments 2

  1. Tunji Arojojoye says:
    November 24, 2020 at 7:44 am

    Why can’t Buhari commissioner something on electricity, roads and water? The are the urgent needs of ordinary people. The generators are poisoning an killing people. People need lights more than refineries. Refineries are for rich politicians who have card. Why o why for God’s sake, people are crying for help. What is really about generators that the politicians are so scared that they don’t want to talk about it? All it needs is a stroke of the pen. In some parts of the country, people have been without electricity for year, months, weeks. The rich and the poor are the same human beings created by God. Why cater for the rich only.

    Reply
  2. Paul says:
    November 24, 2020 at 8:12 am

    This is goof gradually we will be there.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Popoola canvasses for increased investment towards the Sustainable Development Goals
    • AfDB approves $1.5 billion “emergency response” to address “potential” food crisis in Africa
    • Elon Musk denies covering up sexual harassment

    Follow us on social media:

    Recent News

    AfDB earmarks $100,000 to support Green Revolution Forum

    AfDB approves $1.5 billion “emergency response” to address “potential” food crisis in Africa

    May 20, 2022
    Billionaire Elon Musk no longer joining Twitter’s board

    Elon Musk denies covering up sexual harassment

    May 20, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
    • Economy
      • Macro-Economic News
      • Get Data
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com