The Independent Petroleum Marketers Association of Nigeria (IPMAN) plans to construct two oil refineries worth US$3bn in Bayelsa and Kogi, in Nigeria
Chinedu Okoronkwo, president of IPMAN, stated that the organisation is currently in talks with foreign investors to begin construction, which is slated to begin end July 2014. The two refineries will be set up in partnership with foreign investors and are expected to be ready for operations by end 2014, stated reports.
Nigeria is currently relying on crude oil exports. The upcoming refineries could satisfy local consumption, and offset import gaps witnessed when a product becomes scarce.
The proposed refineries would help raise Nigeria's GDP and reduce capital flight. It would also help the efficient circulation of products in the country and reduce dependence on imports, added reports.
Okoronkwo said, ”The proposed refineries would reduce the cost and stress of exporting crude. It will also create jobs for Nigerian youth.”
