• Privacy Policy
  • Terms
  • About us
  • Contact Us
Saturday, May 14, 2022
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

AIPCC energy to refine 50,000bpd of crude oil

The Matters Press by The Matters Press
November 26, 2021
Reading Time: 2 mins read
0
Kenya hits the globe for oil investment

Oil

Oil

The AIPCC Energy Limited says it is putting infrastructure in place to refine 50,000 barrels per day (bpd) of crude oil by 2024.

RELATED POSTS

Osinbajo advocates African plan on energy transition

Buhari’s war against money laundering, financial crimes peaks

Stakeholders seek political will to revive textile sector

According to the company, this is in view of Nigeria’s quest for self-sufficiency in the refining of petroleum products, especially Premium Motor Spirit (PMS).

The Chairman, AIPCC Energy Limited, Mr Micheal Osime made this known on Thursday in Abuja when he visited Mr Farouk Ahmed, Chief Executive Officer (CEO), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

ALSO READ  Oil is giving way to solid mineral, agriculture in Nigeria

According to a statement by the NMDPRA CEO, AIPCC is currently working on a 6,000bpd Modular Refinery and Petrochemical Facility in Ologbo, Edo state, out of which 1,000bpd has been completed and will soon be operational.

Osime stated that work has begun on the second phase of the Company’s expansion programme which aimed at increasing refining capacity to 5,000bpd.

In addition, he said that partnering with Chinese investors, the AIPCC had a five-year plan to increase production to 30,000bpd by 2023 and 50,000bpd by 2024.

The Chairman also revealed that the AIPCC has recently signed an agreement with China Tianchen Engineering Corporation (TCC) to build an 80,000bpd refinery and petrochemical complex, at Koko, Delta state.

ALSO READ  CSOs seek dialogues on PIA and Divestments by oil firms from onshore assets

This, he said would also include a fabrication yard to achieve 100 per cent local fabrication.

In summary, Osime said AIPCC plans to attract investment of over $1 billion dollars into the midstream Oil and Gas sector in Nigeria, in five years.

To this end, he called on the NMDPRA to support the Company and ensure that its plans come into fruition.

Mr Farouk Ahmed, the Chief Executive Officer, NMDPRA commended AIPCC for its investment which will lead to self-sufficiency in petroleum products refining, in line with the Authority’s mandate of boosting local refining to meet demand.

He assured the Company of the Authority’s full support and enablement for private sector investment in the midstream and downstram sector to thrive, leading to social security, technology development, job creation and wealth for the nation.

ALSO READ  Nigeria’s crude oil reserve increases to 37b barrels
Tags: Oil
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria emerges Africa biggest energy sector
Economy

Osinbajo advocates African plan on energy transition

May 13, 2022
Nigeria gets petroleum law to edge out 50 years archaic laws
News

Buhari’s war against money laundering, financial crimes peaks

May 13, 2022
25 textile clusters get a boost through SMEDAN
Economy

Stakeholders seek political will to revive textile sector

May 12, 2022
Nigeria floats $4bn Eurobonds
Economy

DMO lists N225bn FGN bond for subscription by auction

May 12, 2022
Price of bread to be reviewed upwards again
Economy

Cost of bread beyond reach of many Africans – AfDB

May 12, 2022
Buhari meets with governors of APC
News

Buhari gives resignation deadline to political office holders seeking to contest elections

May 11, 2022
Next Post
Trading in Nigerian stock market dips further N83bn

Stock market extends losing streak by N71bn

Nigeria loses $25b to foreign ship owners

Association advocates use of cloud-based technology at ports

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021

World Bank, IMF postpone Morocco’s 2022 meetings

February 1, 2022
NLNG seeks partnership with NMDPRA to boost domestic gas market

NLNG, others bag awards at 2022 NIES

March 2, 2022
Rice farmers from poverty to wealth

Local Nigerian rice reduces sleep disorder, other health challenges

November 22, 2021

Popular Stories

  • 79 candidates for presidential election

    INEC wants to make you rich, bid for new jobs

    0 shares
    Share 0 Tweet 0
  • Universities approved to operate distance learning centres

    0 shares
    Share 0 Tweet 0
  • IMF’s reasons for Nigeria’s economic recovery

    0 shares
    Share 0 Tweet 0
  • Missing fighter jet found dead

    0 shares
    Share 0 Tweet 0
  • PawaPlus launches app to make access to electricity easy

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Osinbajo advocates African plan on energy transition
  • Buhari’s war against money laundering, financial crimes peaks
  • Stakeholders seek political will to revive textile sector

Categories

  • Agriculture
  • Business
  • Culture
  • Economy
  • Economy
  • Entertainment
  • Features
  • Finance, Money
  • Foreign
  • Health
  • Lifestyle
  • Multimedia
  • News
  • Oil, Gas
  • Opinion
  • Photo
  • Politics
  • Politics/Social
  • Religion
  • Security
  • Special News
  • Sports
  • Tech
  • Thematterspress
  • Trade, Industry, Technology
  • Travel
  • Uncategorized
  • Video
  • World

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?