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REFINING production of diesel or fuel must meet the reported on June 2.
Euro 5 standards. Pointing out how Iran has despite the
2023 target for 20,000bpd to define the market we are going to operate punishing sanctions period imposed by the
“We had to articulate from the beginning,
former US Trump administration continued
refinery to boost local in, articulate banking feasibility proposals to drive up its value-added income by
which show the banks and other financiers
increasingly turning its plentiful raw materials
capacity that there is indeed a business to be laid. into finished products – Iran was an oil
In terms of financing the project it has not
importer only two years ago – Rouhani told
Promoters of the Eko Petrochem refinery been easy. We have spent a lot of money a cabinet meeting: “Today, we have turned
have announced plans to complete the 20,000 thus far and we still have to spend a lot more into the biggest exporter of gasoline in the
barrels per day refinery by the middle of money before we absolutely complete and region. Today, we have turned into the biggest
2023 as part of efforts to boost local refining commission the refinery. exporter of railway tracks. One day [not too
capacity. The Chairman and Chief Executive “It is important the Ministry comes to see long ago] we were importing railway tracks,
Officer, Integrated Oil and Gas Limited, those who they are supporting to see if they but today we are a producer.”
Emmanuel Ihenacho, stated that the refinery, are doing the right thing or not, so the visit Data provided in April by Iran’s customs
which had so far gulped over $20 million is is really timely. I am quite sure that they are administration, IRICA, showed a near-fivefold
at its financing stage, having acquired the pleased with the level of work done so far.” hike in the value of the country’s gasoline
Authority to Construct (ATC) license from According to him, to restructure the exports in the previous Persian calendar
the Federal Government. Nigerian economy and put an end to the year (ended March 20) to $2.92bn. Gasoline
Ihenacho stated this at a courtesy visit of dependence on third parties for the nation’s shipments expanded by 618% to 7.8mn
the Ministry of Petroleum to its facility on energy requirements, boosting local refining tonnes.
Tomaro Island in Lagos. capacity must be achieved as it would create BNE
“We have been at it for about five years job opportunities and wealth for the country.
and I now understand why those who started He also urged the government to create
before us could not finish on time because special funds for people involved in strategic PIPELINES
they were subjected to the same constraints investments such as this, pointing out that the
that we had to endure, but I can tell you that instability of the naira to the dollar remains UAE begins transporting
we are working hard on it all the time and all a bottleneck for the Nigerian investment
things being equal, we might be completing climate. oil to Europe via Israeli
the factory in the next two and half years,” he “The Nigerian National Petroleum
said. Corporation (NNPC) acquiring 20 per cent pipeline
Meanwhile, the Director, Upstream, equity in Dangote refinery, is a welcome
Ministry of Petroleum, Kamoru Busari, stated development and we think it is good and In October, Israeli-state owned Europe-
that the investment is in line with the present timely. We are also looking forward to getting Asia Pipeline Company (EAPC) signed a
administration’s drive to increase the nation’s that kind of help from the government memorandum of understanding with MED-
local refining capacity, which started from where they can take a certain equity in our RED Land Bridge, a company with both
2019 to 2023. investment,” he said. Israeli and Emirati owners, to transport oil
He added that the Federal Government has GUARDIAN through the pipeline.
awarded the completion of the Port Harcourt The UAE has started transporting oil to
refinery with plans to also complete both Europe via an Israeli pipeline, according to
Warri and Kaduna refineries. FUELS media reports, months after the energy deal
“One of the priorities of the Federal prompted Egyptian worries over a ‘rival’ to
Government is to increase local refining Rouhani hails Iran’s role the Suez Canal for shipping fuel.
capacity from 2019 to 2023. We want to An Emirati vessel which arrived at the Port
support all the modular refineries and in West African gasoline of Eilat in southern Israel last week was in fact
other refineries because we cannot arrive at an oil tanker, according to a report aired by
boosting local refining capacity if we do not market Kan.
support the existing ones,” he added. The Israeli public broadcaster showed
Iheanacho said the refinery is estimated to Iran’s President Hassan Rouhani has hailed the images of the tanker hooked to the Eilat-
cost about $200 million, considering recent country’s emergence as the biggest exporter Ashkelon pipeline, claiming that six tonnes of
changes in regulations that stipulate that the of gasoline in West Asia, Fars News Agency crude (6,000 liters) were fed through per hour.

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