A landmark investment partnership has been sealed between Eko Petrochem and refining company, an indigenous petrochemical and refining company and the US Trade and Development Agency, USTDA, to fast track a feasibility study, supporting technologies and development of an Implementation plan for a modular refinery located on Tomaro island, Lagos.
The partnership involves a seed fund of about one million US dollars grant to the company by USTDA after the selection of Texas based VFuels to carry out the study which will provide technical analysis and engineering and design needed to advance the 20,000 barrels a day modular refinery.
The refinery is expected to promote Infrastructure development by increasing Nigeria’s local refining capacity.
Speaking during the signing of a Memorandum of Understanding (MoU), acting director of USTDA, Thomas Hardy said, “We are proud to support this new project, which will lead to infrastructure development and economic growth in Nigeria. This project represents an excellent opportunity for US businesses to export technologies and services in support of Nigeria’s refining goals.”
In his remarks, chairman of EKO Petrochemand Refining Company, Capt. Emmanuel Iheanacho said, “ We appreciate USTDA supporting our company’s infrastructure development plan” adding that the funds received will help ensure timely completion of the proposed development and the attainment of the underlying economic and social impacts envisaged.