FG To Commence 100% Local Fabrication Of Modular Refineries

FG To Commence 100% Local Fabrication Of Modular Refineries

The Federal Government, on Thursday, 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, Vanguard reports.

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.

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 (NCDMB), Kachikwu said Nigeria would not continue to award contracts, but set deadlines on when to localize most of the vessels and projects in the country.

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