NEWS
Modular Refinery: FG lauds Waltersmith, NCDMB on completion of 5000 bpd…plans expansion to 50,000 bpd
The company growth plans part of which is to significantly expand the refinery’s production capacity to 50,000 barrels of crude oil per day. He said: “We have started with the first module which is 5000 barrels. The next module will be 25,000 barrels. Then the finale module will be 20,000.
Precious ADELOLA
Tour of Waltersmith Modular Refinery developed with 30 Percent equity investment by the NCDMB L-R: Chairman of Waltersmith Petroman Oil Limited, Mr. Abdulrasaq Isah; Executive Governor of Imo State, Senator Hope Uzodinma; Honourable Minister of Information and Culture, Chief Lai Mohammed and Executive Secretary of the Nigerian Content Development & Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote, on Tuesday during the Minister’s tour of the 5000 barrels per day modular refinery completed with NCDMB’s equity investment at Ibigwe, Ohaji-Egbema LGA of Imo State.
IBIGWE-THE Federal Government has applauded Waltersmith Petroman Oil Limited and the Nigerian Content Development and Monitoring Board (NCDMB) for their effective partnership that led to the record completion of the Waltersmith 5000 barrels per day modular refinery within two years.
The Honourable Minister of Information and Culture, Chief Lai Mohammed conveyed the commendation on Tuesday after touring the project located at Ibigwe, Ohaji/Egbema LGA, Imo State, in company with the Governor of Imo State, Senator Hope Uzodinma, the Minister of State for Education, Hon Chukwuemeka Nwajiuba and the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote.
The modular refinery was started in October 2018 and will commence operations on October 14, 2020, loading out 23 trucks of refined products per day, having concluded off-take arrangements with select firms.
The Minister stated that the completion of Waltersmith modular refinery and conceptualization of similar projects in Bayelsa were key achievements of President Muhammed Buhari’s administration, adding that modular refineries only became a reality under the present administration despite years of rhetoric by previous governments.
Mohammed described modular refineries as key to meeting the Federal Government’s agenda of increasing local refining capacity, enhancing value addition to the hydrocarbon resources and employment generation. He gave assurance that government through the Ministry of Petroleum Resources and relevant agencies will provide Waltersmith with all necessary support it needs to operate and grow sustainably.
In his remarks, the Executive Secretary of NCDMB expressed pride that the Board moved quickly to invest 30 percent equity in the Waltersmith modular refinery project with the approval of its Board’s Governing Council. He hinted that the project had several benefits, including generation of direct, indirect, and induced employment opportunities for management staff, plant operators, technicians, drivers, cleaners, suppliers, security personnel and others.
He said that one of NCDMB’s mandates is to develop in-country capacities and capabilities to utilize and add value to the nation’s hydrocarbon resources, while its vision is to serve as a catalyst for the industrialization of the Nigerian oil and gas industry and its linkage sectors.
According to him, “this vision contributes to the realization of our 70 percent 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 canvassed that at least 10 percent of Nigeria’s oil production should be refined through the modular refineries. He noted that an average of ten direct jobs were created for every 1,000 barrels/day capacity of modular refinery, hence over 2,500 direct jobs and over 25,000 indirect jobs can be created if 10 percent of Nigeria’s production is refined using modular refineries.
In his welcome remarks, the Chairman of Waltersmith Petroman Oil Limited, Mr. Abdulrasaq Isah indicated that the company decided to embark on the modular project as a strategy to address incessant pipeline vandalism and theft of its crude oil products. The project will also ensure import substitution, energy security for the nation, lower of the company’s operating cost and create lots of jobs, he revealed.
He outlined the company growth plans, “part of which is to significantly expand the refinery’s production capacity to 50,000 barrels of crude oil per day. He said: “We have started with the first module which is 5000 barrels. The next module will be 25,000 barrels. Then the finale module will be 20,000.
“At that point we will be loading 120 trucks every day at peak production, comprising different products-diesel, kerosene, PMS, HFO and Jet Fuel.”
He confirmed that load out of products will commence on October 14, starting with diesel, to be followed closely with the commencement of phase two of the project.
Isah also endorsed Federal Government’s deregulation of the downstream subsector, remarking that “the removal of subsidy has created a market for what we are doing. It also facilitates our ability to raise financing for the next module we will be doing.”
The Chief Judge of Ekiti State, Hon Justice Oyewole Adeyeye has passed on.
The news of his passing was leaked by a reliable source under the condition of anonymity.
The sad incident, according to the source, happened in Ado Ekiti in the early hours of Tuesday.
His death is being traced to a sickness which came upon him following the injury he sustained when a section of the Ekiti State High Court Complex, Ado Ekiti wall collapsed in July 12, 2023.
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The late Justice Adeyeye was at the office when the building collapse happened and sustained injuries.
While the state and his family were yet to issue statements on his demise, the Ekiti State Chapter of the Association of International Female Lawyers (FIDA) has sent condolences to the family.
The condolences message read: “With deep sorrow in our hearts and in total submission to the will of God, FIDA Ekiti consoles with the family of the Chief Judge of Ekiti State, Hon Justice Oyewole Adeyeye on his call to glory.
“May He find rest with his maker.
“I pray that God grants the family, the Judiciary and the people of Ekiti State, the grace to bear this irreparable loss.
Adieu great one.”
Justice Adeyeye was born 1960 in Araromi Ugbesi in Ekiti East Local Government of Ekiti State and was called to bar in 1986.
He started his career as a State Counsel in the civil service of the then Ondo State before joining the Ekiti State Judiciary Service Commission shortly after the state was created in 1996.
He was promoted to the position of a judge in the state’s high court in 2002 and has served at different occasions in the election petition tribunal.
A Federal High Court in Abuja has dismissed all charges against 76 individuals accused of participating in the nationwide #EndBadGovernance protests.
The ruling came after the Attorney General of the Federation (AGF), Lateef Fagbemi, moved to discontinue the case under orders from President Bola Tinubu.
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Justice Obiora Egwuatu, presiding over the matter, struck out the charges after hearing a motion from the AGF’s representative, Director of Public Prosecution of the Federation (DPPF) Mohammed Abubakar.
Citing Section 174 of the 1999 Constitution, the AGF formally took over the case from the Inspector General of Police, then requested to drop all charges against the defendants, many of whom are minors.
The judge granted the AGF’s application without objection from defense counsel, ordering the immediate release of the accused, who were not present in court.
This decision follows a directive issued on Monday by President Tinubu, instructing the AGF to withdraw charges against the protesters.
More to follow……….
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over alleged monopolistic practices by Dangote Refinery, following a public dispute about fuel pricing in the downstream petroleum sector.
Recall that the refinery, Africa’s largest, recently disclosed its petrol pricing at N990 per litre in trucks and N960 per litre into ships, a move it justifies as being in line with international rates.
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PETROAN, however, sees this as an attempt to suppress competitors and dominate the Nigerian market.
The rift began when Dangote Refinery claimed that complaints from marketers regarding its pricing were fueled by intentions to import cheaper, potentially substandard products.
In response, PETROAN strongly rejected these allegations, suggesting that Dangote’s claims are tactics designed to maintain a monopoly in the sector.
Joseph Obele, PETROAN’s spokesperson, stated that the association remains committed to importing high-quality products at more competitive rates to ensure affordability for Nigerian consumers.
According to PETROAN, competition in the market is essential for achieving fair pricing, and any attempt to stifle it would be detrimental to consumers.
They argue that Dangote Refinery’s pricing should reflect production costs and fair margins rather than international benchmarks, especially given concessions granted by the government for the refinery’s establishment.
PETROAN also announced its plans to partner with foreign refineries and financial backers to import premium-quality petroleum products at prices below current rates.
The association aims to enter the market by December 2024, pending necessary regulatory approvals.
“The allegations that PETROAN will import substandard products are unfounded and aimed at creating an unfair playing field,” the statement read.
PETROAN warned that similar claims in the past had led to significant price hikes when competitors were pushed out, emphasizing that the entry of new players into the market would lead to more competitive pricing and ultimately benefit Nigerian consumers.
PETROAN expressed appreciation for President Bola Tinubu’s commitment to revitalizing Nigeria’s state-owned refineries and urged the government to consider privatizing the Port Harcourt and Warri refineries once rehabilitation is complete.
The association believes a transparent privatization process will help strengthen Nigeria’s downstream sector and counter monopolistic tendencies.
To address the ongoing pricing challenges in the sector, PETROAN called on the government to convene a comprehensive meeting of industry stakeholders, including major associations like IPMAN, DAPPMAN, MEMAN, NUPENG, and PENGASSAN.
PETROAN believes that collaboration among these groups will be instrumental in establishing a sustainable and competitive pricing framework for petroleum products in Nigeria.
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