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| Owerri, the capital city of Imo state |
The Chairman of the Imo Refinery and Petrochemical Project, Dr. Tony Chukwueke, who disclosed this to journalists in Abuja yesterday, explained that the plant would provide about 300,000 new jobs upon completion.
He stated that once the project received the endorsement of the Minister of Petroleum Resources, Mrs. Diezani Allison-Madueke and President Goodluck Jonathan, contractors would be mobilised to site just as he revealed that investors from India, Asia and South Korea had indicated interest in the refinery.
Chukwueke added: "The Imo Refinery and Petrochemical Project was conceived...to leverage the abundant oil and gas resources of Imo State to meet the energy requirements of the South East Zone and thus provides a critical driver for the rapid industrialisation of the South East zone; the availability of affordable and steady energy supply."
He said the refinery, which would cost $2.5 billion, would be fully funded by the private sector.
"The cost of implementing the Imo Refining and Petrochemical Project together with the development of the associated upstream assets is presently estimated at US$2.5 billion. The project is expected to be fully funded by the private investors who are also the developers of the project. Key upstream investors and proven refiners have already been identified and are ready to commence the project as soon as final approvals are received," Chukwueke submitted.
He said that the project would not only fit perfectly into the gas conversion and job creation agenda of President Jonathan, but also his determination to meet the nation's demand for petroleum products through domestic refining.
Chukwueke, who is a former Director of the Department of Petroleum Resources (DPR), hinted that the Imo State government, in collaboration with the NNPC had identified Egbema/Oguta Industrial Park as the most suitable site for the project. The park also houses the Federal Government's Light Vessels Port Facilities and Naval Base.
According to him, the River Niger which is currently undergoing an extensive dredging is expected to provide the main supply and evacuation route for goods and services associated with the project.
"In recognition of the urgent need and size of the project, the Imo State government has made available 400 hectares of suitable land in Egbema and Oguta in the area designated for the Industrial Park. The location is capable of housing the planned take-off capacity of 100,000 bpd for the refinery with allowances for future expansion to up to 250,000 bpd. The Light Vessels Port sited at the same location is now under construction and the state government is embarking upon access road construction, existing roads upgrade, Right Of Way acquisition, site preparation and civil works," he explained.
Current oil and gas reserves estimates in Imo State stand at 21 million barrels proven oil reserves and 12 tcf proven gas reserves with ultimate potential of 10 times more - by Collins Olayinka, Abuja (This Day, 15th April 2011).
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