Imo’s Modular refinery to produce 5,000 Barrels per day

Imo state will be is set to increase the production of oil in Nigeria with the completion of the Modular refinery that will produce 5,000 Barrels per day.

This is one of the key meeting the Federal Government’s agenda of increasing local refining capacity, enhancing value addition to the hydrocarbon resources and employment generation.

The modular refinery was started in October 2018 and will commence operations on October 14, 2020, loading out 23 trucks of refined products per day, having concluded off-take arrangements with select firms.

The vision of this Refinery is to contributes to the realization of 70 percent Nigerian Content target in the oil and gas sector by 2027 where at least 10 percent of Nigeria’s oil production should be refined through the modular refineries.

This Modular Refinery will create an average of ten direct jobs for every 1,000 barrels/day capacity of modular refinery, hence over 2,500 direct jobs and over 25,000 indirect jobs can be created if 10 percent of Nigeria’s production is refined using modular refineries.

The company growth plans, part of which is to significantly expand the refinery’s production capacity to 50,000 barrels of crude oil per day as they have started with the first module which is 5000 barrels. The next module will be 25,000 barrels. Then the finale module will be 20,000.

The Modular Refinery will be loading 120 trucks every day at peak production, comprising different products-diesel, kerosene, PMS, HFO and Jet Fuel, with loading commencing October 14 with diesel.

More appreciation follows with the endorsement of Federal Government’s deregulation of the downstream subsector, remarking that “the removal of subsidy has created a market for what we are doing. It also facilitates our ability to raise financing for the next module we will be doing.”

SOURCE: opr.news