The Nigerian National Petroleum Corporation (NNPC) has committed to supplying crude oil to Eko Petrochemical and Refining Company, which is a 22,000 barrels per day capacity refinery project, at Tomaro Island in Lagos State.
Chairman/Chief Executive Officer of Integrated Oil & Gas Limited, Mr Emmanuel Iheanacho, who made the disclosure during the visit by a delegation from the Ministry of Petroleum Resources to the project site.
Iheanacho stated that the company is now at the point of talking to potential investors and have sent out invitation-to-tender documents to a number of world-class engineering, construction and procurement companies, noting that the project has already gulped over $20million.
He said the company secured $797,343 grant in 2017 from the United States Trade and Development Agency for the project.
Mr Iheanacho further explained that at the commencement of the project, the company applied to the Nigerian National Petroleum Corporation (NNPC) for crude oil supply and the NNPC gave the company a guarantee to supply certain proportion of the feedstock the company would require.
The Ministry of Petroleum Resources delegation, which was led by the Director Upstream, Mr Busari Kamoru, had visited the company to ascertain the progress they have made so far on the project and possible challenges, to enable the Ministry ascertain specific areas of assistance to the company.