Sunday, 9 September 2012

Eton Group to Fund $1.7bn Greenfield Refinery

Eton Group in conjunction with Qua Petroleum Refinery Ltd is to invest about $1.7 billion in the construction of a Greenfield Refinery in Akwa Ibom State. Speaking at the signing ceremony of the agreement in Abuja, Director of Eton Finance Private Ltd, Allen Rennie, said when operational, the refinery will produce about 100,000 barrel per day. He explained that, “the financing by the Eton Group is for $1.7 billion, while $1.4 billion represents funds for the re-engineering and construction of the export designated refinery for Qua Petroleum Refinery.”
Rennie, stated that $300 million had been earmarked for start-up, operations and feed stock. The deal will complete all financial and administrative formalities within the next two months, after which, re-engineering, approval for fabrication and construction phases will be provided before the end of the year.
A representative of Qua Petroleum Refinery, Essien Ekanem, said when approval is received from the Directorate of Petroleum Resources (DPR), the construction of the refinery is expected to last 18 to 24 months, with first production billed for late 2014 or early 2015.
Eton Group, a major financier of the project has presence in the USA, Malaysia, Japan, UK and operate in Nigeria under the auspices of the Niger-Delta Refinery and Petrochemicals Company Ltd.

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