The United States Trade and Development Agency (USTDA) reaffirmed its support for the 20, 000 barrel per day production capacity modular refinery situated at Tomaro Island Port in Amuwo-Odofin Local Government Area of Lagos (LGA).
During a project inspection in Lagos, the Acting Director of USTDA, Thomas Hardy said the firm will continue to assist in sourcing for financiers through companies in America that will support the project for speedy completion of the refinery.
Hardy said the project would not only lead to infrastructure development and economic growth in Nigeria, but also represents an opportunity for American businesses to export technologies and services in support of Nigeria’s refining goals.
Back in 2017, the USTDA approved a grant of $1 million (360 million naira) for the detailed engineering design of the 20,000 barrel per day Eko Petrochemical modular refinery in Lagos. Hardy explained that the investment would bring jobs into the Nigerian economy by expanding the petro-chemical industry in the country.
He also noted that the move by the United States Government was to see a closer bilateral co-operation between the United States and Nigeria, “most importantly, invest in private companies and leaders in the business community”.
USTDA’s Country Manager, Sub-Saharan Africa, Shannon Roe, who also commented on the development, said one of the reasons why the agency came for inspection was to see the level of current activities at the place since the last visit in 2017.
She hoped that the proposed 20, 000 bpd production refinery would attract more investments to Nigeria and develop the host communities.
The Chairman of Eko Petrochemical Refinery Company, Emmanuel Iheanacho said the company had completed the planning stage, finished drawing-up of the feasibility map and the detailed work-front engineering which has met both the Department of Petroleum Resources’ (DPR) and America’s specifications.
Iheanacho said the requirement to develop indigenous refining capacity on Nigerian soil is very high. He added that “local refining capacity will allow us realise our ambitions with respect to import substitution potential, leading to great savings in scarce forex requirements”.
The Chairman said $120 million was expected to complete the refinery. He noted that they were awaiting some companies that had shown interest in financing the project and handling the Engineering Procurement and Construction (EPC).