Eni Nigeria subsidiary to build 150,000 bpd processing plant

Eni Nigeria subsidiary to build 150,000 bpd processing plant

Eni subsidiary brand Nigerian Agip Oil Company (NAOC) will build an oil processing plant capable of refining 150,000 barrels per day (bpd), in order to reduce the West African nation’s reliance on imports.

Nigeria’s Minister of State, Petroleum Resources Emmanuel Ibe Kachikwu met representatives from Eni and revealed that an agreement had been reached to build the facility in the Southern oil hub of Port Harcourt or along the coast in Brass.

Although Nigeria produces around 2 million bpd of crude oil, it continues to import petroleum on a large-scale due to a lack of domestic refining facilities.

“The effect of the new refinery goes back to our insistence that oil companies who work in this country need to migrate away from just exporting crude and look at how to refine crude and help our local capacity to meet our own consumption,’’ said Kachikwu.

Kachikwu also confirmed that Agip will build a second power plant, along with the company’s development of the Zabazaba deepwater oil field.

“Total investment from Agip involved in both the Zabazaba field, the power plant and the new refinery is in excess of US$15 billion. That is major push in terms of our search for investment,’’ he said.

@RGNonline