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USTDA lauds mgt over Eko petrochemical refinery project

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The U.S Trade and Development Agency (USTDA) has lauded has the management of Eko Petrochemical and Refining Company for the level of work done so far and assured continuous support to the project.

The Acting Director, Mr Thomas Hardy, USTDA, stated this during project inspection of the 20,000 barrel per day production capacity modular refinery  located at Tomaro Island Port in Amuwo – Odofin Local Government Area of Lagos.

According to Hardy, the agency is impressed with the level of activities done so far on the project.

“We will continue to help in sourcing for financiers through companies in American that will support the project for speedy completion of the refinery.

“We are proud to support this project and this will lead to infrastructure development and economic growth in Nigeria.

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“This project represents an excellent opportunity for U.S. businesses to export technologies and services in support of Nigeria’s refining goals,” he said

In 2017, USTDA invested almost $1million in the engineering design of Eko Petrochemical Refinery Project on Tomaro Island forward.

Ms Shannon Roe, the Country Manager, Sub-Saharan Africa, USTDA said the agency decided to visit the refinery.

In his remark, Capt. Ememnuel Iheanacho, Chairman, Eko Petrochemical Refinery Company,  expressed gratitude to the USTDA’s support to the growth of the refinery.

Iheanacho said the agency has the mandate to help local companies and trading entities to develop contact with their equivalent counterparts in America.

He said the Department of Petroleum Resources (DPR) has given the approval to construct, adding that “in the scheme of our current national priorities, the requirement to develop indigenous refining capacity on Nigerian soil is very high indeed.

“Local refining capacity will allow us realise our ambitions with respect to import substitution potential, leading to great savings in scarce forex requirements.

“Local refiners will facilitate the goals of value addition to our oil trade as well as lead to lower costs of consumed refined products in the country.

“We intend to have recourse to traditional and special funding sources in our search for investment funds for our refinery development project,’’ Iheanacho said.

The post USTDA lauds mgt over Eko petrochemical refinery project appeared first on Tribune Online.

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