The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Tuesday disclosed that the Federal Government and Italian oil giant, Agip, had reached an agreement for the firm to build a new refinery in the country.
The refinery, with 150,000 barrels refining capacity, would be located in Port Harcourt or Brass.
Kachikwu stated this in an interview with State House reporters after leading Agip management team to a meeting with Acting President Yemi Osinbajo at the Presidential Villa, Abuja.
The minister said a Memorandum of Understanding on the refinery was already being prepared.
He added that the firm also was building the second largest power plant in the country, which will come on stream by 2020. The company’s total investment in power and the refinery is in excess of $15bn. Good move!