He said: “We are delighted by the USTDA award as it seems the U.S. Government and the trade agency have by this gesture, recognised the economic and development potential of our ongoing modular refinery project and the Tomaro Industrial Park/Free Trade Zone which today comes into formal existence.
“By delivering this grant, the agency has demonstrated its commitment to the infrastructure development and economic growth of Nigeria, especially in the areas of export technologies and services that promote the country’s refining capacity.”
Iheanacho said the company would continue to celebrate the delivery of the support assistance from the USTDA.
He said: “We also need to source investment funds, to fully actualise the built-up project. The scale of the cash investments required is of the order of $250 million.
“We expect to raise this huge sum from borrowing or from equity investment committed to the project. For any potential investor, please contact me and trust me it will be money well spent.
“The vision of Eko Petrochem and Refining Company is to develop a modular scalable 20,000 bdp greanfield refinery/topping plant.
“Several studies including the Front End Engineering Design (FEED) as well as the Environmental Impact Assessment (EIA) studies have been completed.
“The study for the Detailed Engineering Design will soon be ready, prior to applying for the Approval to Construct (ATC) from Department of Petroleum Resources (DPR) as well as other regulatory approvals required.”
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, commended the commitment of Iheanacho to the project.
He noted that finance was one of the major challenges facing most of those that had been licensed to build refineries in the country.
Kachikwu was represented by Rabiu Suleiman, the Executive Director/Coordinator, Nigeria National Petroleum Corporation, Refinery, Downstream and Infrastructural Development.
He promised that the Federal Government would provide all the necessary support required by the company to make the refinery a reality.
According to him: “We all know it is very difficult to raise funds.
“When you hear that the USTDA is extending its hands of fellowship and support to provide the initial seed funding required to go beyond the detailed engineering design; that also shows that behind him (the vision of this project), there is a partner that is likely to support and provide the financing required to establish the refinery.
“For him to be able to bring down to this island the U.S. Ambassador is another demonstration of the commitment and determination to do whatever is necessary to see this project come on stream.”
Kachikwu said he was working hard to see how the company could be granted a pioneer status and secure various duty waivers, import facilitation of equipment and engineering review.
He urged the company to take the host communities along in order to create a harmonious relationship with them.
The Managing Director, VFuels, Souheil Abboud, said the company was proud to partner the USTDA to actualise the fruition of the refinery.
According to Abboud: “We believe very strongly in our commitment to serving the Nigerian people and are enthusiastic that the USTDA shares the same vision and commitment.”
He said the refinery would be a model for those looking to improve Nigeria’s local refining capacity and would contribute to the growing demand for fuel and electricity.
The USTDA helps companies to create the US jobs through the export of the US goods and services for priority development projects in emerging economies.
The $116 million project to produce 20,000 barrel capacity modular refinery is located at Tomaro Island Port, off Takwa Bay in Amuwo-Odofin Local Government Area of Lagos State.
