The United States Trade and Development Agency (USTDA) has approved a grant of $1 million (N360 million) for the detailed engineering design of 20,000 barrel per day (bpd) modular refinery in Lagos.
US Ambassador to Nigeria, Stuart Symington, who confirmed the development during the official signing of the agreement in Lagos, said the grant was meant for detail engineering design and development of the proposed refinery in Tomaro Industrial Park in Lagos
Symington expressed the hope that the proposed 200,000 barrel per day (bpd) production refinery would attract more investments to the country and develop host communities.
Chairman of Integrated Oil and Gas and Former Minister of Interior, Capt. Emmanuel Iheanacho explained that the Eko Petrochem and Refining Company will complement efforts of the federal government in providing lasting solution to the problems of importation of refined petroleum products into the country.
He revealed that the US government, acting through the USTDA, has accelerated the process of the planned economic investments through the industrial development grant of $1 million, to finance the completion of the detailed analysis of supporting technologies and engineering for the implementation of 20,000 bpd crude oil refinery.
‘‘By delivering this grant, the agency has demonstrated its commitment to the infrastructure development and economic growth of Nigeria, especially in the areas of export technologies and services that promote the country’s refining capacity,’’ he said.
The vision of Eko Petrochem and Refining Company, according to Iheanacho is to develop a modular scalable 20,000 bpd Greenfield refinery/topping plant, adding that several studies including the Front End Engineering Design (FEED) as well as the Environmental Impact Assessment (EIA) studies have been completed.