Abdulrasaq Isa Is Building ₦7bn Modular Refinery In Imo State

In a time when there is a need for diversification in order to reduce our overdependence of oil, Mr. Abdulrasaq Isa is taking the bull by the horns by building a massive oil refinery in Imo state.

According to him, the company established as an indigenous exploration and production company in 1996 and was awarded the Ibigwe field located in OML 16 (now OPL 2004) in 2003 had plans to increase the capacity to 30,000 bpd.

“This is to process additional products including petrol and jet fuel, just as it had already executed an MoU with the PCC of China towards the installation of the additional capacity within three years after start-up of the 5,000bpd modular refinery in December 2020.”

“I would like to also mention that we are currently upgrading our crude evacuation facility to 20,000 bpd to accommodate an indigenous third-party producer, through a crude handling agreement.

Currently, the field produces 4,000 barrels of oil per day (bpd) and expects to inch higher to 7,000 bpd after the ongoing production optimisation process is concluded.

So much has also been said about the benefits of the mega oil city to the Nigerian economy. For Abdulrazaq Isa, the CEO of Waltersmith group, the economics of the project is certainly a no brainer as there are lots of positive economies of scale to gain from the project.

Nigeria imports about 90% of its crude oil products due to lack of working refineries. The completion of these refinery along with dangote’s own in Lagos would reduce importation by a high rate.

Abdulrazaq Isa is a Co-Founder and Chairman/CEO of Waltersmith Petroman Oil Limited an Indigenous Nigerian Independent oil and gas producing company which operates the Ibigwe field in Oil Mining Lease 16 located in Imo State Nigeria. 

SOURCE: news-af.newsfeed.com