The Minister of State for Petroleum Resources, Dr. Ibe
Kachikwu, on Tuesday disclosed that the Federal Government and Italian oil
giant, Agip, had reached an
agreement for the firm to build a new refinery in
the country.
The refinery, with 150,000 barrels refining capacity,
would be located in Port Harcourt or Brass.
Kachikwu stated this in an interview with State House
reporters after leading Agip management team to a meeting with Acting President
Yemi Osinbajo at the Presidential Villa, Abuja.
The minister said a Memorandum of Understanding on the
refinery was already being prepared.
He added that the firm also was building the second
largest power plant in the country, which will come on stream by 2020.
The company’s total investment in power and the
refinery is in excess of $15bn. Good move!
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