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Edo Refinery to earn $125m, reset state’s economy

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The Edo Modular Refinery is set to earn about $125m foreign exchange from the exportation of naptha, which is one of the major products from the facility.

This was disclosed in a statement by the chairman of ERPC, Michael Osime, who said the refinery benefits from the federal government’s ease of doing business programme through which it granted fiscal incentives such as duty waiver on importation of equipment.

The refinery which is being developed by Edo Refinery and Petrochemical Company Limited (ERPC) with support from the Edo State Government has reached 90 per cent mechanical completion and efforts are in top gear to beat a September 2020 commissioning deadline, with a team of over 250 locally-recruited engineers, fabricators and other workers engaged on the project.

On expansion, Osime said the company would “meet 18 per cent of local demand for diesel and earn in excess of $125m from the export of Napha per annum,” noting that the refinery would rejig the state’s economy by attracting feeder industries.

He noted that the Department of Petroleum Resources (DPR), has been extremely helpful in guiding the process of the establishment of the facility.

Source Vanguard
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