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The Chairman of Waltersmith Group, Abdulrazaq Isa, has said Waltersmith Refinery targets 40,000 barrels per day crude oil capacity. He disclosed that the refinery was already moving from 5,000bpd to 10,000bpd.
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He spoke when the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri and the Executive Secretary of the Nigerian Content Development & Monitoring Board (NCDMB), Engr. Simbi Wabote, visited the refinery, located in Ibigwe, Imo State, according to a statement.
He emphasised the need for collaborative efforts between the private and government entities to advance the nation’s energy sector.
Isah said: “We are moving from 5,000 to 10,000 barrels of crude oil a day (bpd)but our focus is on achieving 40,000bpd capacity. Already, we are engaging all necessary parties especially the national oil company, Nigerian National Petroleum Company Ltd (NNPCL), to ensure that we have access for enough feedstock that will enable us get to the 40,000bpd capacity. That is where we are headed and our co-investor, the NCDMB, is happy with what we are doing.”
Lokpobiri pledged his full support for the expansion plans of Waltersmith Refinery. He expressed his admiration for the progress achieved by Waltersmith Refining and Petrochemical Company.
Lokpobiri said: “The shortest way to addressing our problem of low in-country refining capacity is modular refineries and that is why I am here to see things for myself. I am very proud of what I have seen. I also want to encourage Waltersmith and pledge my full support towards their expansion plans so that we can solve the energy problem of our country.”
Wabote, reiterated the Board’s commitment to supporting projects that align with the Nigerian Content Act, fostering local capacity development, and enhancing value retention within the country adding that “NCDMB investment in Waltersmith Modular Refinery has turned out to be one of its best investment decisions so far.”
The Managing Director/Chief Executive Officer of Bank of Industry (BOI), Olasupo Olusi, said that the bank was open and committed to supporting the expansion plans of the Waltersmith Refinery.
Spearheaded by Waltersmith Refining and Petrochemical Company, which is a strategic business unit of the Waltersmith Group, the Waltersmith Refinery and Petrochemicals Company is the largest modular refinery in Nigeria that has been commissioned.
The refinery project is being developed in phases, and it has made a significant contribution to Nigeria’s refining capacity.
