Petroleum Marketers to Build $3bn Refineries in Kogi, Bayelsa 

The Independent Petroleum Marketers Association of Nigeria (IPMAN) at the weekend announced its plan to build $3billion ultra modern refineries in Bayelsa and Kogi states in order to boost distribution of petroleum products in the country. National President of the union, Elder Chinedu Okoronkwo, who disclosed this in Lagos during a courtesy visit to the national executive of the western zone of IPMAN, said the union would collaborate with foreign investors to bring the refineries on the stream. A ground breaking event for the refineries is billed to take place before the end of this year. we are proposing to build two refineries in Nigeria, one each in Bayelsa and Kogi States to ease scarcity which is part of the present administration’s agenda. We are in discussion with our foreign investors and arrangement and agreement to commence work will be sealed before July ending, while the ground breaking event is expected to commence in fourth quarter of the year. Whereas Nigerians are spending $60 dollars in exporting and bring refine product, the proposed refinery will reduce the cost and stress of exporting crude to bring in refined products.

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