Economy
Hong Kong Firm To Build 200,000/bpd Refinery In Nigeria
The country’s oil and gas business may be heading for good times as Blooming Faith Petroleum Ltd., a subsidiary of Hong Kong-based Blooming Faith Global Holdings Ltd, would partner the Federal Government to build and operate a refinery with an installed capacity of 200,000 barrels per day, in Akwa Ibom State.
In a statement made available to Vanguard , a senior management team of the organisation, which is currently in Nigeria to kick-start procedure for the project, confirmed a successful engagement with the Nigerian National Petroleum Corporation, NNPC.
Speaking on the development, Chairman of the company, Dr. Robert Yeung, explained that the company’s interest in building a refinery was influenced by the discovery that Nigeria, a major oil producing nation, relied on importation of refined products to attend to its domestic needs.
His words: “We became immediately interested for two basic reasons: first, as a business entity, we have identified a vacuum to be filled, because the government of Nigeria will not import what it can access locally.
“Second, our confidence in Nigeria as an investors’ destination of choice in Africa: we know that we can never get it wrong with a country of almost 200 million people.”
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