Dr Kachikwu who was fielding questions from energy correspondents, described the petrochemical refinery project as a strategic initiative that portends a great future for the nation.
He described the project as a significant game changer for the nation, and believed when completed will generate employment and also industrialize and diversify Nigeria’s economy. The Policy maker assured the management of the Federal Government’s support for the actualization of the refinery.
The Minister in his remarks at the presentation on the Dangote Petrochemical Complex, said the project was coming at the right time for the petroleum industry in the country. He noted that the petrochemical complex has already motivated the Nigerian National Petroleum Corporation, to repair and revive its ailing refineries.
According to Kachikwu, “With projects like the Dangote Petrochemical Complex, Nigeria must be the citadel of petroleum exports”. Speaking further he informed industry stakeholders that upon completion, the project will facilitate government’s plan to exit importation of petroleum products by 2019.
President of Dangote Industries Alhaji Aliko Dangote in his address commended the Minister for his visit and lauded him on the ongoing reforms in the petroleum sector. Dangote assured that his group was committed to partnering with the government, in driving an efficient and robust petroleum sector.
Giving an overview of the refinery project, the Group Executive Director, Projects at Dangote Group Mr D.V.G Edwin shared that the Petrochemical Complex/Fertilizer Plant and Sub-sea Gas pipeline, was the single largest line refinery project in the globe.
Mr Edwin said the project featured a petrochemical refinery with a 650,000 bpd capacity, sub-sea gas pipeline with 1,1ookms pipeline handling 3bl scf of gas per day and the world’s largest urea plant.
The GED Projects speaking on the petroleum refinery, stressed that it can meet 100% of the Nigerian requirement of all liquid products (Gasoline, Diesel, Kerosene & Aviation Jet), and will have surplus of each product for export.
In terms of economic value it will save $5.5bl forex for exports and $7.5bl for imports, through import substitution. Dangote Industries is optimistic that the project will create an $11bl per annum market of Nigerian crude.
Culled from Proshare online