Nigerian firm to build oil refinery in Lagos State
Integrated Oil and Gas Ltd., an indigenous oil firm, has been given a preliminary license to begin work on an oil refinery in one of the Islands in Lagos. The refinery is expected to be a 20,000 capacity integrated refinery.
According to Vanguard, the refinery is estimated to cost about $75 – $250 million. The Chief Executive Officer of the company, Captain Emmanuel Iheanacho, on Wednesday, said that Integrated oil has been approved by the Department of Petroleum Resources (DPR) and that Environment Impact Assessment (EIA) has already began.
Capt. Iheanacho also said that the company is presently strengthening out the conditions necessary for the final approval for the refinery.
He stated that:
“If you go to the DPR website you will see all the terms and conditions for granting of refinery licenses. The DPR gives you license in stages, it gives you license to establish, license to construct and after that it gives you license to operate.
“DPR would not sit down and say let us go and do an EIA and after that they will give you license. They give you license based on the technology that is used for refining and your ability to give then very good presentation on that subject before they say alright go and start it.”
He noted that the company has paid a visit to the traditional rulers of the area, with the aim of obtaining the approval of the host community.
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