Monday 4 July 2016

Top Multinational Company to Build Second Largest Oil Refinery in Nigeria

As Nigeria braces up for the local refining of crude oil for the purpose of developing the economy of the country, an establish oil company is offering to invest in the establishment of Nigeria's second largest oil refinery. 

Blooming Faith Petroleum Ltd, a subsidiary of Blooming Faith Global Holdings Ltd is set to build Nigeria's second largest refinery in Akwa Ibom state in partnership with the Nigerian government.
According to Today news, the proposed refinery will produced as estimated 200,000 barrels of crude oil per day which will go a long way in reducing the foreign exchange expended by the government on the importation of refined oil.

Senior management team of the organization who are currently in Nigeria to kick-start the procedure for the project confirmed in a chat with newsmen in Abuja that successful meetings were held with the leadership of the Nigerian National Petroleum Corporation, NNPC, with a view to forming a strategic relationship for the sole purpose of producing refined products to shore up domestic consumption in Nigeria.

Speaking on the development, chairman of the company, Dr. Robert Yeung stated that the company’s interest in building a refinery was fired up by the discovery that Nigeria, a major oil producing nation in the world relies on importation of refined products to attend to its domestic needs.

“We became immediately interested for two basic reasons, firstly as a business entity we have identified the fact that there is a vacuum to be filled, hence there is market for our produce when we get started. This is so because the government of Nigeria will not import what it can access locally as being produced by refineries in-country.

“And secondly because of our confidence in Nigeria as an investors destination of choice in Africa as we know that with a population of almost 200 million people we can never get it wrong with the country and its people.

“We have no interest in exporting refined products as our basic objective is to produce refined petroleum products for the Nigerian market, discussions are currently on-going with the NNPC and the Department of Petroleum Resources and we hope at the end we will get all necessary approvals as we are ready to commence immediately with one hundred percent funding capability”.

Also speaking on the issue Mr. John Erigwe, the company’s International Operations Director stated that the company has the financial capability and technical expertise to see the project through.

According to him the company is deeply interested and highly committed to investing in Nigeria’s economy and it is for this reason we sought the audience of the leadership of the NNPC under the Minister of ststae for Petroleum resources Dr. Ibe Kachikwu to meet and present our ideas and proposals to the corporation.

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