Integrated Oil’s $116million Refinery Ready for Operation in 2016

Integrated Oil and Gas Limited, has again stated that its $116 million modular refinery would be ready before the end of 2016, as planned.

The Group Managing Director, Integrated Oil and Gas, Anthony Iheanacho, told newsmen in Lagos that preliminary works had kicked off for the 20,000 barrel capacity modular refinery.

Iheanacho, who took some newsmen on a tour of the refinery site at Tomaro Island Port, off Takwa Bay, Lagos, said preliminary approval had been received from the Department of Petroleum Resources, DPR.

“Tomaro Island with about 90 hectares is designed as one-stop shop which will comprise of refinery, flour mill, ship repair yard, helipad site and resort centres,” He said.

“It will also create massive employment for our teeming youths. Crude would come to the refinery through vessels for refining,” Iheanacho said.

The GMD also said the company had commenced the Environmental Impact Assessment, EIA, and other necessary requirements to facilitate the final approval for the refinery.

Iheanacho revealed that the refinery would be funded by both foreign and local financial institutions, and would produce products like Automated Gas Oil, AGO/diesel, household kerosene, export quality aviation turbine kerosene or Jet A1, fuel oil and a host of others.

However, According to him, the refinery does not have the capacity to produce Petroleum Motor Spirit, PMS or petrol.