Bayelsa, Firm Sign MoU on 60,000bpd Refinery

oil refinery
  • Bayelsa, Firm Sign MoU on 60,000bpd Refinery

The Bayelsa State Government has signed a Memorandum of Understanding with Rehoboth Natural Resources Development Limited for the establishment of a modular refinery in the state.

The refinery is expected to come on stream in 2020 with a capacity of 60,000 barrels per day.

The Chief Executive Office, Rehoboth Natural Resources Development Limited, Mr. Joe Attueyi, said the company had purchased a piece of land for the construction of the refinery.

He said, “We believe that partnership creates value. Over and above building a 60,000-barrels-per-day refinery, we are looking to create value for ourselves, the local community and the state in general.

“We have gone far and have been approved by all the regulatory bodies. The state government has facilitated our getting the certificate of occupancy for the land. This refinery is going to provide jobs and add value to the Nigerian economy and to our host communities.”

Attueyi stressed the need for the Federal Government to provide incentives and guarantee for investors to facilitate the establishment of private refineries in the country.

He said, “We have raised the equity capital for the project; it remains the debt, and we are working to finalise that with some guarantees in place.”

The Commissioner for Trade, Industry and Investment, Bayelsa State, Mr. Kemela Okara, said, “As a state government, our fundamental role is to do everything possible and ensure the private sector does what it does best. The Governor of Bayelsa State, Seriake Dickson, has consistently signalled his commitment and that of the state to attracting investors into the state, especially in areas where we have comparative economic advantage.”

About the Author

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

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