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Nigeria’s Edo state for China over modular refinery


The approval by Edo state for the building of its first modular refinery has qualified Governor Godwin Obaseki to accompany President Muhammadu Buhari on an investment tour in China.
 
Nigeria’s federal government listed other several Edo State government’s projects which are backed by Chinese investors, on its itinerary.
 
Other Chinese investors-backed big projects in Edo State include the Benin River Port in Gelegele, and the Benin Industrial Park.
 
The modular refinery in Benin City has already received Edo State Executive Council approval of initial investment of $2.3 million.
 
Sources said: “All these projects which Chinese investors have committed to, will receive final nod during the visit of president Buhari.”
 
 Governor Obaseki was at the Chinese Embassy during the week for more consultations with officials of the People’s Republic of China, preparatory to the Buhari-led investment tour of the Asian country.
 
 The money approved is for redeemable preference shares (investment) in the Edo Refinery and Petrochemical Company Limited.
 
According to Obaseki, the company will be involved in the production of petroleum and petrochemical products and other related businesses.
 
 “The venture will enhance the local refining capacity, thereby increasing the volume of nahtha, kerosene, diesel and residual fuel oil products available in Edo State.”
 
 “It will create legitimate employment opportunities thereby reducing poverty and providing job opportunities for teeming youth in the communities and facilitate the establishment of a fabrication yard as proposed by the promoters, thereby creating basis for expertise, professionalism and further training in oil and gas industry.”
 
The take-off of the Edo Refinery and Petrochemical Company follows series of groundwork by the government of Edo that led to the setting up of Edo Investment Scheme Limited.
 
The Investment scheme is a Special Purpose Vehicle (SPV) to hold N2 billion investment funds in which the Ministry of Finance Incorporation  (MOFI) and the Edo State Oil and Gas Producing Areas Development Commission (EDSOGPADEC).
 
It would facilitate the state’s investment in various initiatives across the oil and gas services, petroleum exploration, drilling and filling station, sales and supply of gas, oil agro allied products, petroleum and petrochemical products and other related businesses.