LAGOS – The Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday said it was awaiting the Federal Government’s directive, to commence its proposed $3 billion dollars (N495 billion) refineries.
Alhaji Ahmed Fashola, the National Assistant Secretary of IPMAN, told journalists in Lagos that the body had acquired over 1,000 hectares of land for the project.
He said that the property, located at Itobe in Kogi and Abbe in Bayelsa States, would accommodate refineries meant to produce 200, 000 barrels of petrol per day.
Fashola said that the association remained committed to the project but it was put on hold by the delay in government policy on such project.
According to him, the body is on course on the refinery issue and believes that the project has come to stay in IPMAN.
“We are pursuing it very strongly because we believe in the success of the refineries.
“We bought over 1,000 hectares of land in Kogi and Bayelsa; the states have given approvals but what we are waiting for is the government directive.
“Once government approval has been given, we are ready to move to the site and commence production.
However, we want a clear directive from government on this,’’ the IPMAN official said.
The scribe said that foreign investors had conducted feasibility studies on the project in August 2015.
Fashola urged the government to look into the project on time, to ensure its commencement.
The official said IPMAN’s aim was to contribute its quota as a stakeholder in the sector, to reduce the level of capital flight by foreign investors that characterised the oil and gas sector.
“The cost of exporting crude oil and bringing back refined products will be reduced.
“We want government to give us the necessary licence and ensure an enabling environment to operate,’’ he said.
The official condemned the plan by the Nigerian National Petroleum Corporation (NNPC) to build more retails outlets.
Fashola said that government had no business constructing more retail outlets, but should ensure prompt and adequate petrol distribution.
According to him, building more retail outlets by NNPC is not the nation’s problem because doing so means competing with the oil marketers.
“We have signed a bulk purchase agreement with the NNPC; it is out of place for the corporation to start competing with marketers.
“Building more retail outlets would not solve the problem; rather, the NNPC should at all time make products available at all depots,’’ he said.
