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FG to commence 100 Percent local fabrication of modular refineries
  • Post by Admin on sunday, March 05, 2015






The Federal Government said it has initiated plans to achieve 100 per cent local fabrication of modular refineries in Nigeria and has entered into discussions with Original Equipment Manufacturers, OEM, in this regard.

This was even as the Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, also said the Federal Government intended to set a deadline for the local fabrication of oil vessels and Floating, Production, Storage and Offloading vessels, FPSO, while the Bank of Industry said the newly launched $200 million intervention fund could be used for contract financing and loan refinancing for oil companies.

Refinery The BoI also stated that it would, through the fund, take over the loans of oil companies in commercial banks, slash interest rates on such loans and reduce the burden on the companies. Speaking at the Memorandum of Understanding, MoU, signing ceremony on the implementation of the $200 million Nigerian Content Intervention Fund, NCIF, between BoI and the Nigerian Content Development Monitoring Board.

Photo Caption: Minister of State for Petroleum Resources, Mr. Ibe Kachikwu,

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