A Chinese firm, Sino Arab Energy,
SAE, in partnership with a local firm, Osabo Refining and Petrochemical
Industry Limited, have concluded plans to build a refinery in Akabuyo, Local
Government Area of Cross River State.
Agreement s for the construction of
the refinery which is expected to refine 107,000 barrel of crude per day have
been signed by the partnering firms, and is valued at about $7.5billion.
Speaking on the project, Hon Etim
Effiong Okon, who is a member of the management team of Osabo Refining, said
the process for the procurement of requisite licenses to establish and operate
the refinery had fully commenced, while Akwa Esuk Eyamba, the community where
the refinery will be located had donated 500 hectares of land for the refinery.
The refinery is expected to be
completed within five years, with the first phase slated to commence in 2014,
while the feedstock for the refinery would come from the several Niger Delta
basin oil wells.
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