FCMB Boosts Modular Refinery Financing, Supports Duport Energy Park

1/16/2022 10:11:00 AM
FCMB Boosts Modular Refinery Financing, Supports Duport Energy Park

FCMB Boosts Modular Refinery Financing, Supports Duport Energy Park

FCMB Boosts Modular Refinery Financing, Supports Duport Energy Park

An energy park, consisting of a modular refinery, gas processing facility, compressed natural gas plant, a refined product terminal, a 20 megawatts power

Mrs. Yemisi Edun, MD/CEO of FCMB, announced this during an inspection tour of the management of the bank to the facility located at Egbokor, Orhionmwon local government area in Edo state on ThursdaySpeaking after assessing the project, Mrs. Edun restated the commitment of the bank to championing and supporting initiatives that would fast-track national development across all sectors of the economy.

According to her, “our partnership with Duport Midstream Company Limited is progressive and will positively impact many sectors of the economy. So, we are excited to fund this project and pleased with the progress achieved. It will help meet part of our local petroleum consumption needs, reducing fuel importation and forex loss when fully operational. Replicating this model will strengthen the value of the naira in the long run and create job opportunities in the petroleum value chain.

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plant and data centre constructed by Duport Midstream Company Limited and financed by First City Monument Bank (FCMB) is set for completion and commissioning in March this year.social and economic prosperity of African nations.State for operating an illegal refinery.15 January 2022 …gives LG chairmen 48 hours to identify operators Rivers State Governor, Nyesom Wike, has issued a 48-hour ultimatum to the 23 local government chairmen to provide a comprehensive list of illegal refineries and their operators within their jurisdiction.

Mrs. Yemisi Edun, MD/CEO of FCMB, announced this during an inspection tour of the management of the bank to the facility located at Egbokor, Orhionmwon local government area in Edo state on Thursday Speaking after assessing the project, Mrs. This was disclosed in a statement issued yesterday by the Press and Public Relations unit of the ministry. Edun restated the commitment of the bank to championing and supporting initiatives that would fast-track national development across all sectors of the economy. Governor Wike who told the State’s Police Commissioner, Eboka Friday to immediately redeploy the DPO and other officers allegedly aiding crimes in the State, also ordered the arrest of Chief W. According to her, “our partnership with Duport Midstream Company Limited is progressive and will positively impact many sectors of the economy. Onu further added that the enormous advantage to be derived from the energy system can be effectively processed into final energies in the areas of abundance and be transported through inter-regional electric-grid connections, pipelines, roads/infrastructure to regions of resources deficiency. So, we are excited to fund this project and pleased with the progress achieved. “Now, every council chairman must go and identify where illegal refineries are taking place.

It will help meet part of our local petroleum consumption needs, reducing fuel importation and forex loss when fully operational. Onu therefore reiterated the Federal Government commitment in providing the enabling environment for private sector participation in the energy sector, adding that the Petroleum Industry Act of 2021 signed by President Muhammadu Buhari among other things seeks to promote investment in Natural Gas, Nigeria’s transition Fuel for electricity, fuel and non-energy usage. “It’s unfortunate for this country how security people will be involved in illegal bunkering. Replicating this model will strengthen the value of the naira in the long run and create job opportunities in the petroleum value chain. ADVERTISEMENT Also speaking, the chief executive officer of Duport Midstream Company Limited, Dr. Akintoye Akindele, restated that the project would be commissioned in March as soon as the government approves it. CP, I thank you for transferring the DPO in Rumuji, who owns a refinery. He informed that, “the regulator will come for inspection and ensure that all we designed are ready. Our people are dying and we owe our people the responsibility to protect them, to save them from death they never caused.

Then, we will start testing in the next 30 to 45 days for the government to confirm that it meets all standards. However, this will be delivered in modules. I can’t be Governor here and a security man owns an illegal refinery. Phase one will be going live in the next 30 days. After we get approval from the Nigerian Midstream and Downstream Petroleum Regulatory Authority to go live, we will start with a 2,500 barrel per day refinery, 40-million-scf gas processing, 5 megawatts power, a data centre and almost 20,000 metric tonnes of storage. Our plan after the initial take-off is to add the other modules to it quarterly and biannually.” Wike, who was concerned about the harmful effects of the refineries on the health of residents, further urged the Commandant of the Nigeria Security and Civil Defence Corps, Rivers State command, to immediately transfer its personnel in charge of vandalization of pipelines in the State. “It’s unfortunate for this country how security people will be involved in illegal bunkering.

In that way, we will be able to utilise assets optimally, avoid wastage, look after the environment and create jobs”. Dr. Akindele added that when the energy park finally comes on stream, it would leverage infrastructure to deliver energy to the country, reduce dependence on importation of petroleum products, create jobs and ensure optimal utilisation of the nation’s assets. I mean, how can security men be the one involved in this. YOU MAY .