Wednesday, 3 April 2013

A Chinese firm to set up $7.5bn refinery in Cross River State

A Chinese firm, Sino Arab Energy, SAE, in partnership with a local firm, Osabo Refining and Petrochemical Industry Limited, have concluded plans to build a refinery in Akpabuyo Local Government Area of Cross River State.
Agreements for the construction of the refinery which is expected to refine 107,000 barrels of crude per day have been signed by the partnering firms. It , and is valued at about $7.5billion.
Hon Etim Effiong Okon, a member of the management team of Osabo Refining, said the process for the procurement of requisite licenses to establish and operate the refinery had fully commenced, while Akwa Esuk Eyamba, the community where the refinery will be located, had donated 500 hectares of land for the refinery.
Okon, who represents Akpabuyo constituency in the state House of Assembly, also said the project partners will engage in the acquisition, exploration and development of oil blocks in the future, to complement refining operations.
He further revealed that the partners will also engage in the development of independent power plant, and the production of natural gas and oil; and real estate within the Niger Delta region as well as the West African Continental shelf.
According to the lawmaker, the refinery is expected to be completed within five years, with the first phase slated to commence in 2014.
“Other areas of activities include but not limited to gathering and the treatment of gas, establishment of industries and cogeneration,” he said.
Okon said the refinery would be built with stringent specification to meet international standard and its “product base will include Premium Motor Spirit, PMS, or petrol, kerosine, jet fuel, diesel, automotive gas oil, low pour fuel oil, high pour fuel oil, motor oil, lubricants and liquefied petroleum gas.”
He said that over 10,000 jobs would be generated when the projects are completed and fully operational, adding that these will significantly improve the lives and socio-economic well being of people within and outside Cross River State.

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