The Edo State Governor, Mr. Godwin Obaseki has said that the Edo Refinery in Ologbo, Ikpoba Okha Local Government Area of the state, is operating at 80 percent capacity and is currently oversubscribed.
The governor said this during an inspection of the companies operating in the Ologbo axis of the state, which plays host to a number of industrial concerns including the refinery project and an ethanol production plant, which is undergoing construction.
Edo Refinery was developed by Edo Refinery and Petrochemical Company Limited (ERPC) with support from the state government through a Memorandum of Understanding (MoU).
Speaking to journalists during the visit, the governor said: “You can see that there is production going on at 80 percent of the plant’s capacity and they have been able to sign a crude oil contract with a private company that is supplying them crude. They are refining and are able to sell.
“They are able to sell finished products now as you can see tankers loading. However, they have more demand than they produce. The demand from the local market is far in excess of what they are supplying. So, we need to encourage more people to build more refineries.”
The Edo Refinery is a 6,000bpd capacity plant, which is being expanded to 21,000bpd. 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.
The company got its first supply of 10,000 barrels of crude feedstock from Decklar Resources Inc. and its co-venturer, Millennium Oil & Gas Company Limited, which operates the Oza Oil Field.
According to the governor, “We are encouraging people in the Gelegele axis to also come to invest in the opportunities of the gas there. You know our government is one that encourages private investment and provides the enabling environment for people to come and invest.”
On his part, the Enogie of Ologbo Dukedom, HRH Owen Akenzua commended the governor for his developmental strides, promising to work with the state government to ensure peace and security in the area.