Vice President Yemi Osinbajo has said that the President Muhammadu Buhari administration is committed to promoting the establishment of privately financed modular refineries in the country.
This, he said, will increase local refining capacity, create jobs, ensure peace and stability in the Niger delta region.
A statement by the Senior Special Assistant on Media and publicity, Laolu Akande, said that the initiative which featured prominently in recent talks between the Federal Government and the oil-producing areas, as represented by PANDEF, will also reposition the petroleum industry and ensure self-sufficiency of petroleum products, while serving as a disincentive for illegal refineries and oil pollution.
According to the statement released on Saturday, he said: “At an end-of-the-year review meeting of the Niger Delta Inter-Ministerial Committee at the Presidential Villa, Abuja, before the holidays, Prof. Osinbajo noted that the Federal Government, in line with its Niger Delta New Vision, is targeting measurable objectives in its efforts towards implementing development projects in the region.
“The December 22 meeting received a report that 38 licensed privately financed greenfield and mini-modular refineries investors have so far indicated interests in the establishment of refineries in the region, and at least 10 of the licensed refineries investors are at an advanced stage of development.
“The advanced stage of development means that these projects have passed the Licence to Establish (LTE) stage, while some have the Authority to Construct (ATC) licence or close to having it because they have met some critical requirements in the Licensed stage.
“There are three stages in the process of refinery establishment; Licence to Establish (LTE), Authority to Construct (ATC) and Licence to Operate (LTO).
“So far, 10 modular refineries are located in five out of the nine states in the Niger Delta region; namely Akwa Ibom, Cross River, Delta, Edo and Imo states.
