Integrated Oil and Gas Ltd., an indigenous company has been licensed to commence preliminary work for the establishment of a 20,000 capacity modular refinery in one of the Islands on the coast of Lagos State.
The Chief Executive Officer, CEO, of the company, Capt. Emmanuel Ihenacho in Lagos yesterday revealed his company has been granted preliminary approval from the Department of Petroleum Resources, DPR, and has since commenced work on the Environmental Impact Assessment, EIA. He revealed further that the project will cost the company between $75 – $250 million adding that his company was making all the necessary ground preparations in order to secure a final approval for the refinery establishment.
Iheanacho, explaining the process leading up to the final approval and his source(s) of funds said; “If you go to the DPR website you will see all the terms and conditions for granting of refinery licenses. The DPR gives you license in stages, it gives you license to establish, license to construct and after that it gives you license to operate.
“DPR would not sit down and say let us go and do an EIA and after that they will give you license. They give you license based on the technology that is used for refining and your ability to give then very good presentation on that subject before they say alright go and start it.”
Iheanacho explained that the cost of establishing the refinery was will be based on the components produced, he said if the refinery will be constructed without the capacity to produce Petroleum Motor Spirit, PMS, Automated Gas Oil, AGO and the like, the cost would be around $75 million, whereas if those components are included, the cost would shoot up to as much as $200 million.
He explained that his company’s management has met to hold meetings with several of the traditional rulers in the area to secure host community’s consent while adding that contrary to rumours, the refinery construction is yet to begin, he said; “We have not even started construction by the way; we are just going through the pre-application process.
“I am ready to stand by the truth and what is right at all times. I am not the one to go and appropriate property to build a refinery. I am not going to put my hands in your pocket and force money out of it. I am not going to force you to tell me what you do not know about building refineries. Refineries are very important infrastructure in the country and it will enhance the image and prestige of the country.
“If I think that I can articulate a business plan that I can take to the bank and they would then lend me money to build the refinery, while will I not do it? I do not want anybody to be deceived or fooled by fake or funny stories,”.
Dear Cpt. Iheanocho i really commend the fact dat u dared to invest in an area dat even the angels fears to thread. But pls I have some questions for you. Have you seen any big industry owned by Yoruba men or Hausa men in the south-south or south east? And you think its just an over-sight? ARE YOU AWARE THAT THERE IS AN UNDER GROUND PLOT BY THE APC OF A PARTY TO KILL THE ECONOMY OF THE SOUTH SOUTH AND SOUTH EAST AND CHANNEL THEIR RESOURCES TO DEVELOP THE NORTH AND SOUTH WEST? WHICH THEY HAVE STARTED IMPLEMENTING IN EARNEST LOOKING AT THE HUGE BUDGET OF ALMOST 90 BILLION FASHOLA ALLOCATED TO SPEEDILY COMPLETE THE LAGOS-IBADAN EXPRESS WAY TO THE NEGLECT OF THE THE EAST-WEST ROAD THAT CUTS ACROSS THE ENTIRE OF SOUTH-SOUTH THAT LAYS THE GOLDEN EGG? ARE YOU AWARE THAT NONE OF THE FEDERAL MINISTRY ALLOCATED ANYTHING SIGNIFICANT TO YOUR ZONE THE SOUTH EAST OR EVEN SOUTH SOUTH? ARE YOU AWARE THAT “PASTOR” AMBODE, THE LAGOS GOVERNOR HV STARTED DESTROYING MARKETS THAT ARE IBO DOMINATED? Have you seen any of Daingote’s Manufacturing industry in the core south-south and south east before? Are you aware Daingotei does not like competition hence all the Billions he made was based on monopoly with the collaboration n support of any government in power? And you want to site a refinery in Lagos so that tomorrow Daingotei wl instruct his Hausa fulani brothers to close it down or use their ‘government magic’ to stiffle n strangulate it? Are you aware of what he did to the Otedola’s? Are you aware of what he did to Ibeto cement when Obasanjo was in power and with the full support of Obasanjo which led to loss of billions by that young man Ibeto? Are you aware just recently he has used his Hausa-fulani brothers to stop Ibeto cement again dat was about to berth at the port just last year 2015? Are you aware of what they did to the Vaswani brothers? Are you aware of what he did to the indians dat owns Indomie some years ago? Iheanacho please have a rethink. What happened to Port harcourt, Onne, Buguma, Okrika, Yenegoa, Warri, Patani, Kwale, Owaza in Abia, Imo-River etc, There are 2000 plots available with C of O in Abia by imo river. Email me on [email protected]