NCDMB, Waltersmith to support E/Guinea on modular refinery

The Nigerian Content Development and Monitoring Board (NCDMB) and Waltersmith Petroleum Oil Limited will assist Equatorial Guinea to develop modular refineries in the Central African nation.

The bi-lateral cooperation was confirmed at the weekend after the Executive Secretary of NCDMB, Engr. Simbi Wabote and Chairman Waltersmith, Mr. Abdulrazaq Isah hosted the Minister of Mines and Hydrocarbons, Equatorial Guinea, Mr. Gabriel Mbaga Obiang Lima at the 5000 barrels a day Waltersmith modular refinery being developed at Ibigwe in Imo State, by Waltersmith and NCDMB.

Commending stakeholders of the Nigerian petroleum industry for the achievements recorded so far with modular refineries, the Minister stated that his country plans to replicate the initiative, so it can stop the wholesome export of its crude oil and begin to add value to the resources.

Noting that Nigeria had vast experience in the hydrocarbons industry, Lima added that Equatorial Guinea would also understudy the commercial aspects of the modular refinery project to ensure that its planned investments would be economically viable.

In his remarks, the Executive Secretary, NCDMB, described the cooperation between Nigeria and Equatorial Guinea as a perfect example of the benefits of the recently signed Africa Continental Free Trade Agreement (AfCTA), which encourages African countries to trade and cooperate among themselves.

Wabote highlighted the local content benefits of the Waltersmith modular refinery, noting that ”it is being built by a local company and 90 percent of the workers are Nigerians. Most of these will be replicated to create jobs and put young people out of idleness.”