A Hong kong based firm, Blooming Faith Petroleum Ltd, is set to partner with the Nigerian Government to build and operate a 200,000 barrels per day capacity refinery in Nigeria.
The company, a subsidiary of Blooming Faith Global Holdings, plans to build the refinery in Akwa-Ibom state. Its chairman, Dr. Robert Yeung during his visit to Nigeria, said the firm was planning to build the refinery in order to help Nigeria reduce the importation of petroleum products.
’’ Two major reaons informed the decision of the firm ro build a refniery in Nigeria. First, is the need to fill a vacuum created by the failure of the four government-owned refneries to perform to optimal capacity in the country. Secondly, is the realisation that Nigeria is an investment destination, which must be explored to the fullest,’’ Yueng said.
He said his company is not interested in exporting fuel, but to produce it for the domestic market, adding that discussions are on-going with the Nigerian National Petroleum Corporation(NNPC) and the Department of Petroleum Resources(DPRP.
Also, the firm’s Director in charge of International Operations, Mr. John Erigwe, said the company has the financial capability and technical expertise to see the project through.
According to him, Blooming is interested in investing in Nigeria’s economy, stressing that this is main reason why the firm is planning to dicuss with the Honourable Minister of Ststae for Petroleum resources Dr. Ibe Kachikwu, how to achieve this goal.
He said the refinery, if approved by the Federal Government, would follow Dangore Petrochemcial Refinery in terms of size and output.
