IPMAN, South America Investors to Cite N450bn Refinery in Kogi, Bayelsa

The Independent Petroleum Marketers Association of Nigeria (IPMAN)
along with some core investors from Peru, South America, is to cite
two petrochemical refineries in Kogi and Bayelsa States.

The Chairman of IPMAN, Bestman Inekwe, who disclosed this yesterday in
Lokoja, while paying a courtesy visit to the state governor, Capt.
Idris Wada, said the refineries when completed would serve Nigeria,
the West and Southern parts of Africa.

Bestman said as businessmen, they (IPMAN) are partnering the federal
government to industralise the nation in the upstream and down stream
sectors of the economy; which will also open the state to several
opportunities.

"As businessmen, we intend to partner the federal government in moving
the nation forward using the vast experience of a core investor to
create wealth.
"When this project is completed, the amount used in fuel importation
by the country, would be saved for other purposes."

The CEO of the core investor group from Peru; Water Carbon Field
Limited, Mr. Joseph Arosemena, said the refineries would cost $3
billion and is expected to be completed in two years.
He also said when completed, the refineries would be known as'Creek'
Refinery Company and would produce 200,000 barrel of oil per day.

He said citing the refinery in Kogi State was informed by the state's
strategic location in the country and the peaceful environment it
enjoys.
He, therefore, urged the state government to grant them the licence so
as to start the project and meet up with the two years expectation.
Reacting, the state Governor, described Kogi as a lucrative
destination for businesses in Nigeria in view of its strategic
location.

Wada, who was represented by his deputy, Mr. Yomi Awoniyi, also
described the decision to cite the $3billion investment in the state
as a wise and noble business decision.
He praised IPMAN for keying into the transformation agenda of the
federal government.

"With Kogi as a natural location for the citing of the refinery, aside
been safe, is strategically located to feed nine adjoining states
including the nation's capital.
The dredging of the River Niger, the expansion of the railway with
Kogi State as a hub, and the presence of the nation's two major
rivers, makes the choice to locate the refinery in the state as a
well informed business decision by IPMAN.

Wada therefore promised of the state government's security, technical
and logistics support as well as waivers to land titles as may be
expected from the state government in making the project a reality.