The federal government has assured operators of modular refineries of financial support based on proven record of their success in business.
Minister of State for Petroleum, Senator Heineken Lokpobiri who disclosed this said that government would give the necessary support to such Nigerians who strive to add to revamping the economy.
Lokpobiri who was accompanied by the Executive Secretary, NCDMB, Engr. Simbi Wabote and the MD of Bank of Industry, Olasupo Olusi during a facility visit to Waltersmith Refinery in Ibigwe, Imo state on Tuesday said the biggest challenge modular refineries have was feed stuck and access to funding.
Senator Lokpobiri said that the federal government was addressing the problems.
He said that the importance attached to the modular refinery was the reason why the MD of Bank of Industry, BOI and his NCDMB counterpart accompanied him to the facility visit to take the collaboration to the next level.
“But I want to say that’s not enough for us to give those who have modular refinery license money. We need to identify those with a proven record of success. Some people will take the money and divert it but here, we are physically seeing one that is functional and we have also seen the expansion of what is going on and so we will do whatever we can to support them”.
He said “as the Minister of State for Petroleum, my responsibility is to ensure that we have sufficient supplies of refined petroleum products for the consumption of Nigerians and since I take charge of the program, we have visited the state refineries and that is why I go round all the refineries in Port Harcourt, Kaduna, and Warri.
“The shortest way to addressing our problem is the Modular refineries. That was why I was told that the Executive Secretary of the Nigeria Content Development Board, NCDMB wants to visit the Waltersmith refinery and that is why I am here to see things for myself.
“I am sure anybody that enters here will be very proud of what we are seeing. From what I am seeing, there is wonderful work going on here and I am happy to be here. The ones we have are still going under rehabilitation. We have seen what is going on. We encourage Waltersmith for the new expansion that is going on and to give whatever support we can give. This government is willing to give so that they can solve the energy problem.”
The Executive Secretary of NCDMB, Engr Simbi Wabote said the Waltersmith Modular refinery was one of the first projects that NCDMB has tried to make a reality, saying that it’s being a success story.
Wabote said that the refinery has produced almost 600 million liters of various petroleum products, noting that about 20 trucks leave the refinery on a daily basis.
“You have gone round and you have seen it’s working. I am very happy that it’s a success. It’s not every investment that you participate that is successful. This is one of the successful investments we have made.”
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