A Hong Kong based firm, Blooming Faith Petroleum Ltd, is partnering the Federal Government to build and operate a 200,000 barrels per day ( bpd) capacity in Nigeria.
The company, a subsidiary of Blooming Faith Global Holdings, plans to build the refinery in Akwa-Ibom state.
Its chairman, Dr. Robert Yeung during his visit to Nigeria, said the firm was planning to build the refinery in order to help Nigeria reduce the importation of petroleum products.
He said:’’ Two major reasons informed the decision of the firm to build a refinery in Nigeria. First, is the need to fill a vacuum created by the failure of the four government-owned refineries to perform to optimal capacity in the country. Secondly, is the realisation that Nigeria is an investment destination, which must be explored to the fullest.’’
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He said his company is not interested in exporting fuel, but to produce it for the domestic market, adding that discussions are on-going with the Nigerian National Petroleum Corporation (NNPC) and the Department of Petroleum Resources (DPR).
Also, the firm’s Director in charge of International Operations, Mr. John Erigwe, said the company has the financial capability and technical expertise to see the project through.
HONG KONG FIRM REASONS
According to him, Blooming is interested in investing in Nigeria’s economy, stressing that this is main reason why the firm is planning to discuss with the Honourable Minister of State for Petroleum resources Dr. Ibe Kachikwu, how to achieve this goal.
He said the refinery, if approved by the Federal Government, would follow Dangote Petrochemcial Refinery in terms of size and output.
.Still on the issue, Chief Executive officer of ‘D’Alphaxristi Ltd and consultants to the firm, said it is pertinent that the Government eases the pathway to investments as a way of encouraging investors to commit funds to projects.
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“This is one of those investments that will have direct impact on the ordinary Nigerian people and the government should give such project immense priority. Investors must be encouraged with incentives and access to government support when required.
It would be recalled that Nigeria’s Minister of State for Petroleum, Dr. Kachikwu was in China recently on a Road Show that aimed at creating awareness for the nation’s economy.
The show is expected to provide $100 billion worth of investments for Nigerian oil and gas industry.
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