Nigeria, Epic Sign $7.5bn Refinery Deal

VENTURES AFRICA – The Federal Government of Nigeria has signed an agreement with Epic Refinery and Petrochemical Industries Ltd for the establishment of a $7.5 billion oil company in Nigeria. The project seeks to construct a 100,000 barrel per day refinery and petrochemical, co-generation plants and associated industries at Oporoma, Southern Ijaw, Bayelsa State.

The Memorandum of Understanding (MoU) was signed in Abuja by the Nigerian Minister of State for Trade and Investment, Dr. Samuel Ortom on behalf of the federal government and the Managing Director of Epic Refinery, Hon. Barango Mattew Wenke Jnr. on behalf of Epic Refinery and Petrochemical Industries Ltd.

While commenting, the minister thanked Epic Refinery for the new project which he said is key to the industrial revolution plan of the present administration.

While responding, The managing director of Epic Refinery disclosed that the project would be carried out in conjunction with the company’s technical partners, Sino Asia Energy Group Company Ltd. He also assured that the new company would not only create jobs, but also eradicate poverty among Nigerians and Africans in general.

“The impact of this project can never be over-emphasised. With an anticipated creation of over 100,000 jobs, with over 180 petrol stations across the nation, electricity generation of over 500 megawatts and their multiplier effects on the economy, no one can doubt the enormous benefits of this project to the country and Africa as a whole”, he stated.

According to the agreement, activities would be stepped up towards ensuring that the project is launched within 24 months.

“Our partners are determined, focused and ready for its early completion,” Ortom said.

BUSINESSDAY