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NCDMB, firms sign $25m deals for refinery, lube plant projects

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Board in talks with OEMs  to domesticate refinery  fabrication, assembly

 

The Nigerian Content Development Monitoring Board (NCDMB) has signed two equity investment agreements valued at $25 million for the construction of a lube blending plant in Bayelsa State, and an energy park in Edo state.

 

The energy park comprises, among others, the setting up of a modular refinery and power plant.

 

The two separate partnership agreements and share subscription agreements were, according to a statement, signed between NCDMB and Duport Midstream Company Limited for the construction of an energy park at Egbokor, Edo State, and between NCDMB and Eraskon Nigeria Limited, for construction of a Lube Blending Plant at Gbarain, in Bayelsa State.

 

The deal would see NCDMB acquire equity stakes in the companies with the aim of ensuring that the aims and objectives of the projects come to fruition. NCDMB is investing $15 million in Duport and $10 million in Eraskon.

 

Speaking at the virtual signing ceremony, Executive Secretary of the NCDMB, Engr. Simbi Wabote, also disclosed the Board was in talks with a number of Original Equipment Manufacturers (OEM), to domesticate a large percentage of modular refineries fabrication and assembly in Nigeria.

 

Wabote explained that the partnership with Duport Midstream Company Limited entailed the construction of an energy park at Egbokor, Edo State comprising of 2,500 barrels per day (BPD) modular refinery, 30 million standard cubic feet per day (MMscfd) gas processing facility which would include a Compressed Natural Gas facility and two megawatts (MW) power plant.

 

According to him, the Duport partnership is in furtherance of its strategy to enhance in-country value addition by supporting the establishment of processing facilities close to marginal or stranded hydrocarbon fields.

 

He said: “We do not want a situation in which the modular refineries are folding up one after the other in a few years due  to lack of technical support or inability to secure critical parts.

 

“As such, we have commenced discussions with a couple of OEM’s on how we can domicile the fabrication and assembly of modular refineries in-country. Our strategy is to begin to claw back bits and pieces of the various components of the modular refinery till we fully domesticate the manufacturing of a large percentage of the kits in-country.”

 

He said: “We do not want a situation in which the modular refineries are folding up one after the other in a few years due to lack of technical support or inability to secure critical parts.

 

“As such, we have commenced discussions with a couple of OEM’s on how we can domicile the fabrication and assembly of modular refineries in-country.

 

Our strategy is to begin to claw back bits and pieces of the various components of the modular refinery till we fully domesticate the manufacturing of a large percentage of the kits in-country.”

 

In his remarks, Chief Executive Officer of Duport Midstream, Mr Akintoye Akindele, conveyed the company’s excitement to partner the NCDMB in the development of the Energy Park and assured that the project would add value to the nation’s natural resources and create wealth and social amenities for communities.

 

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