Waltersmith Refinery Ready for October Start

Must Read

- Advertisement -

Waltersmith Petroman’s modular refinery has been completed and will begin operations on October 14, the Nigerian Content Development and Monitoring Board (NCDMB) has said.

Waltersmith Refinery Ready for October Start
Waltersmith Refinery Ready for October Start – www.brandspurng.com

Work began on the 5,000 barrel per day plant, in Imo State, in October 2018. Initial production will be of diesel.

NCDMB bought a 30% stake in the refinery project in June 2018 for $10 million.

Nigerian Minister of Information and Culture, Lai Mohammed, toured the facility, at Ibigwe in the Ohaji/Egbema local government area, on September 15. The minister said the refinery, and other similar projects were key achievements of the current administration. The government will provide Waltersmith with all the support it needs to grow, he continued.

- Advertisement -

The Nigerian company is working on plans to expand the plant to 50,000 bpd.

Local problems

NCDMB’s executive secretary Simbi Kesiye Wabote said the project had a number of benefits, including creating employment for local people.

“This vision contributes to the realisation of our 70% Nigerian content target in the oil and gas sector by 2027. Our partnership with Waltersmith and other similar investments are some of the levers we are using to deliver the target growth rate,” Wabote said.

The NCDMB official called for at least 10% of Nigeria’s crude to be processed in modular refineries. Each 1,000 bpd of capacity at such a plant creates 10 direct jobs.

- Advertisement -

Waltersmith’s chairman Abdulrasaq Isah said part of the thinking behind the construction of the refinery had been to avoid pipeline vandalism and theft. He went on to cite the importance of increasing energy supplies for Nigeria and lowering the company’s operating costs.

There are plans for growth, he continued. “The next module will be 25,000 bpd. Then the final module will be 20,000 bpd. At that point we will be loading 120 trucks every day at peak production, comprising different products: diesel, kerosene, PMS, HFO and jet fuel.”

Changing time

The Waltersmith executive suggested work on the second phase would begin shortly after the refinery starts up in October.

Isah went on to say that the Nigerian government’s decision to remove subsidies had created a market for the company’s downstream operations. “It also facilitates our ability to raise financing for the next module we will be doing,” he said.

- Advertisement -

The Velem joint venture, made up of Lagos’ Lambert Electromec and the US’ VFuels, carried out construction. Africa Finance Corp. provided a $35mn debt facility.

Nigeria has struggled for years to secure petroleum products for domestic consumption, despite being a major producer of crude. Change is coming, though.

The 650,000 bpd Dangote Refinery is expected to begin producing in 2021. France’s Axens signed a deal in early September on providing technology for a new refinery in Akwa Ibom, under an agreement with Bua Group.

A number of modular refineries are also underway. The model has proved attractive, with Equatorial Guinea expressing interest in a similar shift.

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

Olam Cocoa launches new business for professional chefs, bakers and pâtissiers

Olam Cocoa has today announced the launch of Olam Cocoa for Professionals, a new business which will make its premium deZaan cocoa powders available to restaurants, caterers, and patisseries for the first time.

7Up danced into COVID-19 with 2Sure hand sanitizers with same bottle

Read Also:  Unilever Nigeria Plc - Tight credit terms and lockdown woes derail performance

7Up bottling company is one of the leading trademarks that deals with beverages. It produces and distributes carbonated soft drinks such as 7up, Mirinda, Pepsi, Teem, Mountain Dew, H2oH!, Lipton Ice Tea and Aquafina premium drinking water.

Netflix ignores critics to release ’Cuties’ movie revealed to be promoting children sex

Netflix, an American technology and media services provider and production company headquartered in Los Gatos, California, founded in 1997 by Reed Hastings.

Total Debt Stock Hits N31.01 Trillion as Nigeria Receives USD3.36 Billion Loan from IMF

Read Also:  Ikeja Electricity Distribution begins the Meter Asset Provider Scheme

In the just concluded week, total debt figure released by the Debt Management Office (DMO) showed that Nigeria’s total public debt stock for the second quarter of 2020 increased by 8.31% to N31.01 trillion as at June 2020 (from N28.63 trillion as at March 2020).

Over 60% of Global Bank Rating Outlooks Are Negative

Fitch Ratings’ new interactive country-by-country map of bank rating trends shows that the balance of Outlooks globally has turned sharply negative since the onset of the coronavirus pandemic. The proportion of bank ratings on Negative Outlook or Rating Watch Negative (RWN) shot up to over 60% at end-1H20 from 13% at end-2019. The proportion on RWN was 10%, the highest in recent years, reflecting near-term risks to many banks’ ratings. There were virtually no ratings on Positive Outlook or Rating Watch Positive.

Debt profiling: Drawing a nexus between Jonathan and Buhari Administrations

The Debt Management Office on Wednesday, 9th September, announced that Nigeria’s public debt has risen to N31.01 trillion at the end of June.

Hyundai Motor Launches ‘Channel Hyundai’ for Smart TVs to Provide Enhanced Digital Customer Experience

Hyundai Motor Company is leading the digital transformation in the era of COVID-19 and beyond with the launch of ‘Channel Hyundai’, an interactive app for smart TVs featuring multimedia content and a digital interface for customers to experience the brand in a new way.

Firm Develops 14,000-hectare Palm Plantation in Edo

An agriculture development firm, Agro-Allied Resources and Processing Nigeria Limited has commenced the development of a 14,000-hectare oil palm plantation in Odighi Community, in Ovia North East Local Government Area of Edo State.

54gene, US firm Illumina to launch Lagos genomics facility

Nigerian genetics startup 54gene has partnered US firm Illumina to power the creation of a world-class genomics facility in Lagos.

Coca-Cola empowers 1,000 women, 4,000 more to go (Photos)

Over 1,000 women of the Magboro Makogi community, through a Coca-Cola Foundation-sponsored program; Catalyst For Change,  were trained for over four weeks on relevant skills with more than 200 empowered to start their own businesses.

September 2020 FGN Savings Bonds Offer for Subscription

The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN), has introduced a retail savings product that will be accessible to all income groups – the FGN Savings Bonds.

67% of Consumers Have Returned to Non-Essential In-Store Shopping – Report

With COVID-19 lockdown measures around the world easing, just under three-quarters of global consumers (71%) now report feeling comfortable returning to physical stores since local lockdowns have eased, according to research published today by Mood Media, the world’s leading on-premise media solutions company dedicated to elevating the Customer Experience.

- Advertisement -
spot_imgspot_img

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Former President Barack Obama Joins NBA Africa As Strategic Partner-Brand Spur NIgeria

Former President Barack Obama Joins NBA Africa As Strategic Partner

The National Basketball Association (NBA) has announced that former President Barack Obama has joined NBA Africa as a strategic partner. President Obama will help advance the...
- Advertisement -
spot_imgspot_img

Latest News

Former President Barack Obama Joins NBA Africa As Strategic Partner

The National Basketball Association (NBA) has announced that former President Barack Obama has joined NBA Africa as a strategic partner. President...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -spot_imgspot_img