By Chioma Iruke
The Nigerian Content Development and Monitoring Board (NCDMB) on Monday stated that the 5,000 barrels per day modular refinery in Imo State, was achieved as a result of a partnership with Waltersmith Petroman Oil and Gas.
This was revealed by the Executive Secretary of NCDMB, Engr. Simbi Wabote, during his opening address at the Nigerian Oil and Gas Conference and Exhibition (NOG 2021) in Abuja.
The Board emphasized that they have put in place intervention funds to serve as buffer to mitigate the impact of shocks from the oil and gas cycles.
This was even as the Board noted that they hoped to achieve 2,500 barrels per day Duport Modular Refinery in Edo state.
“Our partnership with Waltersmith resulted in the delivery of 5,000barrels per day modular reﬁnery in Imo State.
“Next in view is the 2,500barrels per day Duport Modular Reﬁnery due next quarter in Edo State. By the next NOG Conference in 2022, it will be the turn of the 2,000barrels per day Atlantic Reﬁnery in Bayelsa state.
“Our oil and gas industrial parks in Cross River and Bayelsa states are getting to the completion stages. Each is sitting on 25hectares of land fully dedicated to the local manufacturing of oil and gas components and other products for the linkage sectors. Let me also highlight that we have put in place intervention funds to serve as buffer to mitigate the impact of shocks from the oil and gas cycles. Section 104 of the Act created the Nigerian Content Development Fund and we have set up a total of 400million dollars with $300million being managed by BOI and $100million being managed by NEXIM Bank,” Engr Simbi added.