IPMAN lauds Dangote’s $9bn investment in refinery

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has commended the decision of the Dangote Group to invest $9 billion (N1.4 trillion) in an oil refinery and a petrochemical complex.

The National President of IPMAN, Abdulkadri Aminu, told newsmen in Lagos that the refinery would have the capacity to produce 400,000 barrels of oil per day.

He said that the refinery would also provide job opportunities for many Nigerian youths.

The refinery is to be sited at the Olokola Liquefied Natural Gas (OKLNG) Free Trade Zone, located at a border community between Ondo State and Ogun.

Aminu said that the proposed petrochemical and fertiliser complex, which was expected to commence production in 2016, would boost the nation’s production capacity.

He said that the investment would go a long way in ending the perennial scarcity of petroleum products and as well put an end to the current massive importation of petroleum products.

“The refinery and petrochemical plant will add value to the oil and gas industry, which is presently experiencing a downturn and save the use of scarce foreign exchange to procure imported fuel.

“The Dangote refinery will turn the tide, as it will also become a major foreign exchange earner in the exportation of refined petroleum products.

“IPMAN believes that the refinery, when it finally debuts in 2016, will stem or eliminate the scarcity of products in the country.

“We, therefore, call on other investors and the multinational oil companies to take a cue from the Dangote Group.

“Especially, the 18 firms that were granted licences to establish refineries about three years ago and had not made any move to clear the sites,’’ Aminu said.

The association therefore, called on the Federal Government to quickly rehabilitate the roads in the country, to make the haulage of the products easier, for distribution to the end users.

He urged the Federal Government to also revive the tankers in the Nigeria Railway Corporation (NRC’s) transportation system.

Aminu said that the association also wanted government to improve on the power supply situation in the country, so that the refineries would not depend on generators, to refine their products.

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