Economy
Azikel Refinery To Commence Operations In 2018
Azikel Refinery, one of the 22 private refineries licensed by the administration of President Muhammadu Buhari in 2015, will begin operations in 2018.
The President of Azikel Group, Dr. Eruani Azibapu, recently signed the agreement for the establishment of Azikel Refinery with Ventech Engineering LLC in Houston Texas.
Eruani signed on behalf of Azikel Petroleum Nigeria Ltd, alongside with Director of Investment and Strategy, Mr. Richard Howarth, and the Executive Director Operations, Mr. Presley Asemota.
The contract for the construction of a 12,000 barrels per day hydro-skyming refinery was signed with the world global leaders in modular refinery construction/manufacturing, Ventech Engineering.
Azikel Refinery is situated adjacent the Gbarain-Ubi Gas Gathering Facility, in Obunagha-Gbarain, Bayelsa State. According to a statement by the company, the proximity of the Azikel Refinery to the feed stock from Shell has given it a very clear advantage to early start and completion as to meeting the planned commencement of operations in 2018.
At the contract-signing ceremony in Houston, the President of Ventech, Ian Anderson, emphasised that Ventech’s usual high degree of professionalism would be deployed in the construction of the Azikel Refinery, with the objective of ensuring that the specifications of the products meet international standards.
Azikel Refinery will produce high value variants of LPG, Petrol, Kerosene, Avaition Fuel, Diesel and Heavy Fuel Oil.
President/CEO of Ventech, Ian Anderson, the Vice President Scott McClary, General Counsel Laura Hotard and Busines Development Manager, Mr Brian Swientonioski signed for Ventech.
The event was witness by executives of international banks, export credit agencies, US businessman and organisation as well as the Nigerian community and friends of Azikel Group in the United States.
The funding of the refinery has been secured from Exim Bank, export credit agencies and EPC Project Finance funding.
Among the 22 licensees during the period, Azikel Refinery has moved from the first stage of licensing (LTE) to the second Stage licensing of Approval to Construct (ATC).
Out of the 22 awarded licenses only four private refinery licensees in Nigeria have been able to secure the second license.
Azikel Group which is the sponsor of Azikel Refinery through Azikel Petroleum is committed to the creation of employment, industrialisation of Nigerian and sustainability.
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