- Published on Saturday, 29 December 2012 04:45
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Following the successful negotiation of a joint venture financing agreement between Eton Group, Eton Finance Private Ltd of Singapore and Eton's subsidiary, Niger Delta Refinery and Petrochemicals Company Ltd, a refinery is to be established in Ipokia, Ogun State.
Under the agreement, Eton Group will finance the refinery with a total of N304.2bn ($1.95b) in the joint venture funding, with both companies working together to realise the goals of the project.
At the signing ceremony held in Abuja, Executive Chairman of Badagry Petroleum Refinery, Alhaji Razak Awayewaserere signed on behalf of his company while Alan Rennie, the managing director of Niger Delta Petrochemicals Company (NDPC), who is also a director of Eton Finance Private Ltd, signed for Eton Group.
According to Awayewaserere who explained that the project received approval in principle in 1993, financial and administrative formalities would be concluded within four months; and thereafter, the project would move to the next phase of feed, approval, fabrication and construction.
“As soon as we secure the official approval, construction period is planned to take up to between 24 and 30 months with commissioning planned immediately,” he said.
“The refinery was designed for export, especially African market, but will also serve the ever-increasing people of people and environ. The project will provide 1,000 direct jobs with additional 8,000 to 10,000 indirectly created externally for support operations.”
According to Awayewaserere, the refinery also has provisions for housing and infrastructural facilities for the benefit of workers.
Managing Director of Niger Delta Refinery and Petrochemicals Company Ltd, Rennie, in his remarks, assured that Greenfield Refinery will be modern with state-of-the-art facilities capable of processing imported crude oil and crude oil blends from Nigeria, as well as Premium Motor Spirit (PMS), Dual Purpose Kerosine (DPK), jet fuel, diesel, lubricating oils, greases, bitumen and Liquified Petroleum Gas (LPG).
Rennie added that the commitment of Eton Group was not in doubt, saying that Eton Finance Private Ltd of Singapore has so far invested about $16b in the Nigerian economy.
To back his claim, Rennie disclosed that the Badagry Petroleum Refinery was the second joint venture funding for Greenfield Refinery that Niger Delta Petrochemicals Company Ltd is embarking on in the country.
Eton Group is owned by Eton Finance Private Ltd of Singapore, with interests in the United States, Malaysia, Japan and the United Kingdom (UK).