FCMB- funded Edo modular refinery ready March
The First City Monument Bank (FCMB) has said it is financing the construction of an energy park in Edo State, comprising a modular refinery, gas processing facility and a Compressed Natural Gas (CNG) plant being built by Duport Midstream Company Ltd and ready for commissioning by March.
The energy park also has a refined product terminal, a 20 megawatts (MW) power plant and data centre.
The managing director and chief executive officer of FCMB, Mrs Yemisi Edun, announced this during an inspection tour by the bank’s management to the facility at Egbokor in Edo State at the weekend.
In a statement by the FCMB, Mrs Edun restated the commitment of the bank in championing and supporting initiatives that would fast-track national development across all sectors of the economy.
“So we are excited to fund this project and pleased with the progress achieved. It will help meet part of our local petroleum consumption needs, reducing fuel importation and foreign exchange (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,” he noted.
The chief executive officer of Duport, Dr Akintoye Akindele, said 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 to go live, we will start with a 2,500 barrel per day refinery, 40 million gas processing plant, 5MW power plant, a data centre and almost 20,000 metric tons of storage,” Akindele said.
He also said the company would expand to 10,000 barrels per day refinery, 60 million standard cubic feet (scf) gas processing plant, 10m scf CNG plant and 50MW power plant, which are part of the facilities.