IPMAN sets to begin construction of $3bn refinery

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to commence work on its proposed $3 billion (N1.08 trillion) refinery in two states in the federation.

Mr Chinedu Okoronkwo the National President of the association, who made the disclosure said IPMAN had in July 2014, acquired over 1,000 hectares of land to build refineries that would produce 200,000 barrels of petrol per day at Itobe in Kogi and Abbe in Bayelsa.

Okoronkwo said the project which ought to have started two years ago was delayed, due to leadership tussle in the association, adding that the project would commence now that the leadership issues had been resolved.

The IPMAN boss revealed the leadership of the association had begun a discussion with investors and technical partners on how the project could commence, noting that the association remained committed to the project.

Okoronkwo said that foreign investors had conducted feasibility studies on the project in order to commence full operation, he stated that IPMAN’s aim was to contribute its quota as a stakeholder in the project to reduce the level of capital flight by foreign investors.

He advised the Federal Government to invest more in modular refineries as a way to end fuel scarcity.

 

 

 

 

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