First City Monument Bank (FCMB) has sponsored an energy park comprising a modular refinery, gas processing facility, compressed natural gas plant, a refined product terminal, a 20 megawatts power plant, and a data centre constructed for Duport Midstream Company Limited.
The facilities are set for completion and commissioning in March this year.
The Managing Director/CEO of FCMB, Mrs. Yemisi Edun, announced this during a tour by the bank’s management to the facility located at Egbokor, Orhionmwon Local Government Area in Edo State.
Mrs Edun reaffirmed the bank’s commitment to advocating and supporting initiatives that would fast-track national development across all sectors of the economy after assessing the project.
“Our partnership with Duport Midstream Company Limited is progressive and will positively impact many sectors of the economy. So, we are excited to fund this project and pleased with the progress.
“It will help meet part of our local petroleum consumption needs, reducing fuel importation and forex loss when fully operational. Replicating this model will strengthen the value of the naira in the long run and create job opportunities in the petroleum value chain,” she said.
Chief Executive Officer of Duport Midstream Company Limited, Akintoye Akindele, restated that the project would be commissioned in March as soon as the government approves it.
“The regulator will come for inspection and ensure that all we designed are ready. Then, we will start testing in the next 30 to 45 days for the government to confirm that it meets all standards. However, this will be delivered in modules.
“Phase one will be going live in the next 30 days. After we get approval from the Department of Petroleum Resource (DPR) to go live, we will start with a 2,500 barrels per day refinery, 40-million-scf gas processing, five megawatts power, a data centre, and almost 20,000 metric tonnes of storage.
“Our plan after the initial take-off is to add the other modules to it quarterly and biannually. In that way, we will be able to utilise assets optimally, avoid wastage, look after the environment and create jobs”.
Akindele noted that when the energy park finally comes on stream, it would leverage infrastructure to deliver energy to the country, reduce dependence on importation of petroleum products, create jobs, and ensure optimal utilisation of its assets.
He further disclosed that the company also has expansion plans for a 10,000 barrels per day refinery, 60-million-scf gas processing plant, 10-million-scf compressed natural gas plant, 50 megawatts power plant, which are part of the facilities to be delivered in the park.
