The Nigerian National Petroleum Corporation has committed to supply crude oil to a refinery project on Tomaro Island in Lagos, with a capacity of 20,000 barrels per day.
Integrated Oil & Gas Limited, the promoters of the Eko Petrochem and Refining Company, disclosed this on Saturday, saying it had spent over $20m on the project.
The Chairman/Chief Executive Officer, Integrated Oil & Gas Limited, Emmanuel Iheanacho, who noted that the company got a grant of $797,343 in 2017 from the United States Trade and Development Agency for the project, said it would cost $200m to build it.
The delegation, led by the Director, Upstream at the ministry, Mr Busari Kamoru, visited the company to ascertain the progress made so far on the project and the challenges facing it.
Iheanacho said when the company started the project, it articulated bankable feasibility proposal, and then we went ahead to do the front-end engineering, adding that the detailed engineering was done recently.
Iheanacho said the company applied to the NNPC for crude oil supply when it started the project.
SOURCE: corporatenews360.com
