Gasoline Associates International Limited has reaffirmed its commitment to closing the gap between the country’s energy demand and supply as the shortage of premium motor spirit (PMS), also known as gasoline, spreads across many states as a result of the Nigerian National Petroleum Company Limited’s drop in supply, the inability to access foreign exchange at the official rate, and the continuation of the PMS subsidy, among other factors.
A foreign direct investment (FDI) called Gasoline, the license holder and promoter of a 100,000 barrels per day refinery and petrochemical complex in Ipokia, Ogun State, aims to make the nation a net exporter of petroleum products.
Lola Ogunbambi, Executive Director, Corporate Affairs of Gasoline, said the venture is driven by the public-private partnership initiative of the Ogun State Government and the Federal Government, under the leadership of President Muhammadu Buhari, in a statement made prior to a press conference to announce the groundbreaking commencement of the project’s implementation.
The project, according to Ogunbambi, is a Sino-Nigeria partnership with a $5 billion budget and is located on roughly 812 hectares of land along the River Yewa’s coastal plain to the north of Badagry Lagoon and the Bight of Benin.
“Gasoline has engaged the partnership of a world-class Chinese consortium led by FL Engineering Inc. to deliver on this laudable project in Nigeria. Our Engineering, Procurement, Construction, and Management (EPC&M) Consortium is a well-balanced team with proven capacity, combining the advantages of China, Taiwan, and America in the delivery of an impeccable and advanced world-class optimised integrated technology within a 36-month period.”
Ogunbambi also said that the company is buying an oil field with the prospect of OML on Tongeji Island (20 kilometers from the nearby shoreline of the refinery site) in order to conduct oil exploration that will sustainably supply the oil refinery complex.
“This will ensure feedstock availability in addition to NNPC assurances. Given the refinery’s advantageous location, feedstocks and finished products can be transported efficiently via pipelines and inland waterways, reducing the need for road infrastructure and preventing gridlock on the highway. The development of an offshore jetty with integrated pipeline and barge will guarantee efficient product transportation,” she said.
Ogunbambi claimed that gasoline would provide several benefits to the host communities, Ogun State Government, and Nigeria at large while citing the socioeconomic benefits of the project upon completion.
“Generally, the capital inflow of $5billion through FDI will stimulate growth and development in the Nigerian economy, plus the creation of over 3,000 direct and 20,000 indirect employment opportunities with special consideration for host communities. Besides, this project will contribute to the growth in the Internally Generated Revenue (IGR) of the Ogun State Government, as well as provide cutting-edge technology transfer and skill development to Nigerians.”
“We have a 60-megawatt power plant to serve as an ancillary facility to the refinery and generate electricity to the refinery and its environs, which will guarantee rural industrialisation and development along the investment corridor.”
