President Muhammadu Buhari is expected to commission the first phase of a brand new Modular Refinery by Waltersmith Petroman Oil Ltd, which is located at Ibigwe, Imo State and owned by oil and gas integrated firm, Waltersmith Limited, this week.
According to a tweet by the presidency, The Federal Government holds a stack in the refinery, following an investment by the Nigerian Content Development and Monitoring Board (NCDMB).
The twee reads:
“This week President Muhammadu Buhari will commission the first phase of a brand new petroleum refinery by WalterSmith Limited, located at Ibigwe in Imo State. The Nigerian Government holds a stake in the refinery, following an investment by NCDMB.”
According to Waltersmith, phase 1 of the project is the delivery of 5,000 barrels per day (BPD) Modular capacity refinery that is strategically located near the existing flow station and will process the circa 6,000 barrels of oil equivalent per day (boepd) currently produced by the upstream business to the readily available market in the south-eastern part of Nigeria.
The project is expected to contribute about 271 million litres of refined products including Diesel, Naptha, HFO and Kerosene annually to the domestic market and create both direct and indirect jobs particularly within the host communities.
This week President @MBuhari will Commission the first Phase of a brand new Petroleum Refinery by WalterSmith Limited, located at Ibigwe in Imo State. The @NigeriaGov holds a stake in the Refinery, following an investment by @OfficialNCDMB: https://t.co/BMlW8p8gMR
— Presidency Nigeria (@NGRPresident) November 22, 2020
It added that phase 2 involves the delivery of 25,000 BPD crude and condensate refinery; an upgrade on the 5,000bpd modular refinery.
The project is still at an early stage of development but is designed to produce the following products: gasoline, diesel, LPG, kerosene and aviation fuel.