Bold move creates thousands of jobs pending federal approval
In the wake of moves by the Federal Government to revamp the nation’s petrochemical and refining capacity with the public launch of the Gas Revolution, and its co-ordinated drive for foreign investment in the sector, the plan by the Imo State government to establish a refinery and petrochemicals plant in the state is seen as a bold and audacious move which would create massive ripples in the zone in terms of supply and availability of petroleum products, in addition to providing much-needed jobs to thousands in the area.
The Imo project was conceived in 2008 to leverage the abundant oil and gas resources of Imo State to meet the energy requirements of the South East Zone.
Awaiting approval
“The River Niger is currently undergoing extensive dredging work and will provide the main supply and evacuation route for goods and services associated with the project,” said Dr Anthony Chukwueke, Chairman of the Imo Refinery and Petrochemicals Project. According to him, construction work is set to begin as soon as the final approval is given by the Federal Government.
Feasability studies on the US$2.5bn project have been completed, and land acquired by the state government. Construction will take between five and seven years.
It is a private-public initiative driven by the Imo State Government in partnership with prospective investors from South Korea and India and the NNPC, which acts on behalf of the Federal Government.
