Iheanacho’s refinery project receives American EXIM Bank support

A new refinery project being carried out by Integrated Oil & Gas Limited as part of the $450m Tomaro Industrial Trade Park in Apapa has received a big boost from the United States Government.

Apart from the $800,000 given as support for the engineering design by the United States Trade and Development Agency (USTDA), the United State Export, Import Bank has also offered to finance 85 percent of the US content.

Chairman of the Company, Capt. Emmanuel Iheanacho told National Daily that since the refinery itself is of American design, 85 percent of the US content is the Central Processing Unit of the refinery.

Iheanacho also disclosed that the cost of the US content will be $32million.

According to him, “85 percent of the US content is the Central Processing Unit of the refinery. The refinery will be of American design. It will cost about $32 to buy that piece. They will give us 85 percent of that money and we will then bring 15percent of it as our contribution”.

However, Iheanacho explained that the cost for the US content was different from the total cost of building the refinery which he put at $116 million.

He explained, “The amount of the entire refinery is $116 million, so there will be about $80m that we have to look for”.

He expressed optimism that there will not be any issue of funding the project considering the interests demonstrated so far by potential investors.

He said, “we have taken our time to plan this project… if people see the US EXIM investing its money in an idea, if they see the USTDA also supporting by shelling out $800000 of it, then they will know that the project is being well conceived and so it will spur other people to come forward to also put in their resources by way of equity”.

Iheanacho also said some investors have shown interest in the project, but added the company has been adopting the policy of first approach to everything.

He disclosed that having carried out the detailed engineering work, the company will be hosting technical experts from the United States, Department of Petroleum Resources (DPR) and the Nigeria Export Processing Zone Authority (NEPZA) for a review meeting of the project.

Comments

See why women should have regular intercourse

A psychiatrist, Dr Maymunah Kadiri, has advised married women to have regular sex with their spouses in order to prevent depression and gain happiness. Kadiri, the Medical Director of Pinnacle Medical Services gave the advice in an interview in Lagos. According to her, sex is not just to nourish a woman’s body, but it is also beneficial to her mental health As women, there is need for us to make our spouses our best friends if we want to be mentally healthy.“ Studies have shown that women who have more active sex and in long term relationships were less likely to be depressed than women who went without sex.“ So, more sex is important and essential. It is a remedy to curing women from having persistent headache.“ Low sexual drive, which leads to depression, should be looked into. A woman can be depressed when that sexual drive that she used to have is no more there. Frequent active sex can play good roles toward women’s sense of well bein...

Alpha Jetman Blows the Doors of Possibility Wide Open

Can you imagine actually becoming the plane? Yves Rossy created a winged jetpack that enables him to take to the sky with the freedom of a bird, awarding him the accurate moniker of Jet Man. And let me tell you, seeing a human body flying right next to full metal jets has completely shaken up what’s possible! Yves Rossy is just one of those great people who must never have heard “it can’t be done” . We thank both Airborne Films–Jetman (what beautiful work) and XDubai (leading out on the edges) for bringing us some of the Jetman story in the videos below! The marvel of this leap in aviation is incalculable. I’m not sorry to admit that my sense of possibility was expanded by watching this and that I shed a little tear. Just imagine the thoughts running through the minds of those jet pilots flying in formation, watching JetMan and his friend crisscross the sky above them was going to leave it there, but I had so many questions. I’m not s...

Words on the street ikebe superstar🌟

Words on the street ikebe superstar, the life beer ambassador famously know as D E'z is coming up with a new jam called ikebe superstar that will be dropping soon. according to them they said that,when u hear the sound just shut up and twerk what your mama gave you,and also there are awesome gifts for grabs just do your twerk video, post it on IG and tag@ henzik and @d ballin_bird

music court

Search This Blog