The Minister of State for Petroleum, Dr Ibe Kachikwu, has said that the Nigerian Agip Oil Company (NAOC) has accepted to build a 150,000 barrels per day refinery in either Port Harcourt or Brass.
Kachikwu made this known to State House Correspondents on Tuesday, after a meeting with acting President, Yemi Osinbajo, NAOC officials and NNPC officials at the Presidential Villa.
He said an agreement has been reached with Agip, that they would build a brand new refinery of 150,000 barrels capacity worth 15 billion US dollars and that they are preparing an MOU along those lines.
“The effect of that new refinery goes back to our insistence that oil companies who work in this country would need to begin to migrate away from just exporting crude and begin to look at how to refine those crude and help our local capacity to be able to meet our consumption,’’ he said.
He explained that the investment of Agip would not take over the country’s refineries, and that it is different from the refinery Dangote is building.
The Minister added that Agip was also building a power plant that should be on stream by 2019 to 2020 and repair existing refinery in Port Harcourt to increase local production of petroleum products.
Kachikwu said this would enable the country “to meet the timeline for 2019 that we have been targeting conceptually.”
“I would also be calling on other multinationals who occupy the same space to see what they can do both in the areas of power.’’