12,000bpd Refinery to Start Operation in 2018

  • 12,000bpd Refinery to Start Operation in 2018

The Group President, Azikel Group, Dr. Eruani Azibapu has signed agreement for the construction of 12,000 barrel per day (bpd) Azikel Refinery with Ventech Engineering LLC in Houston Texas.

In a statement yesterday, he said the project will commence operation in 2018, adding that he signed on behalf of Azikel Petroleum Nig Ltd, alongside the Director of Investment and Strategy, Mr Richard Howarth, the Executive Director Operations Mr Presley Asemota.

Azikel Refinery is among the 22 private refineries licensed by President Mohammad Buhari in last year with the goal of creating value to Nigerian crude, self-sufficiency in refined products and employment generation.

The refinery is situated adjacent the Gbarain-Ubi Gas Gathering Facility in Obunagha-Gbarain, Bayelsa State.

He explained that the proximity of the refinery to the feed stock from Shell has given it a very clear advantage to start early to meet the planned 2018 commencement of operations date.

He noted that Ventech Enginering LLC, is the world leader in modular refinery construction, and has manufactured several refineries currently in operation in different parts of the world.

He said: “The funding of the refinery has been secured from Exim Bank, Export Credit Agencies and EPC Project Finance funding.

”Azikel Petroleum upon the award of the License to Establish(LTE) in 2015, has demonstrated a strong zeal and focus in the completion of the refinery. Among the 22 licenses during the period, Azikel Refinery has moved from the first stage to the second stage licensing of Approval to Construct(ATC). Out of the 22 awarded licenses only four private refinery licenses in Nigeria have been able to secure the second license.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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