Financial Energy Review
The Chairman of Waltersmithe Group, Abdulrazaq Isa has said that his company’s Modular Refinery will contribute about 2.7 billion litres of petroleum products annually to the nation’s total consumption of 27 billion petroleum products which is about 10 percent of Nigeria’s demand.
This huge contribution is expected to come from the company’s combined phase 1 plant with 5, 000 barrel per day and the on going phase 2 plant of about 50,000 barrel per day which will come on stream in the 2023.
Speaking at the commissioning and ground breaking ceremony of both phases Tuesday the chairman said that this represents 10 percent of total refined products consumption in Nigeria and significant foreign exchange savings for the nation, as well as job creation for thousands of the people.
“Conceptualizing and realizing this dream has been largely anchored on faith and believe in the evolving reforms in the petroleum sector, and Nigeria as a whole.Waltersmith was inspired by the commitment and promises by the President Muhammadu Buhari led Government to the people of the Niger Delta to encourage the establishment of Modular Refineries. We are proud to be a forerunner of this initiative” he said.
