Obaseki reforms: Edo Refinery targets $125m per annum haul from export
The Edo Refinery and Petrochemical Company (ERPC) Limited, operators of the 6000bpd Modular Refinery in Ologbo, Ikpoba Okha Local Government Area, is on course to make about $125m per annum from the export of naphtha, one of the products from its plant.
The refinery has doubled down on production since it started processing crude oil sourced from Oza Oil Field, as it recently placed an order for 150,000 barrels of crude from operators of the marginal field, Decklar Resources Inc. and Millenium Oil and Gas Company Limited.
Chairman of ERPC, Dr. Mike Osime, had said that the refinery at full capacity is expected to meet 18 percent of local demand for diesel and earn foreign exchange from its operations, which will boost Edo’s economy.
It is estimated that the facility will rake “in excess of $125m from the export of Naphtha per annum,” according to estimates from the company, who secured financing from the Governor Godwin Obaseki-led Edo State Government, which contributed N700m for the commencement of the project.
The funding from the Edo State Government fast-tracked the kick-off of the project, which will boost productivity in the state and beef up tax receipts.
The facility with its feedstock can produce 50 per cent of diesel (500,000 litres), 25 percent of naphtha (300,000 litres), and 20 percent of Low Pour Fuel Oil (LPFO) (200,000) litres.
Edo Refinery is the first of two refineries operating in Edo State, with the second being the