Eton Group to fund Nigerian greenfield refinery
Singapore-based Eton Group, along with Qua Petroleum Refinery, is planning to spend around $1.7bn to build a new greenfield refinery in the state of Akwa Ibom, Nigeria.
Allan Rennie, Eton Finance Private director, was quoted by This Day Live as saying that the financing by the Eton Group is for $1.7bn, while $1.4bn represents funds for the re-engineering and construction of the export designated refinery for Qua Petroleum Refinery.
"The financing is in [the] form of joint venture funding with both companies working together to realise the goals of the project," Rennie added.
Rennie also said that $300m had been allocated for feed stock start-up and operations.
The refinery, with a production capacity of 100,000bpd, will manufacture LPG, bitumen, petrol, kerosene, diesel, heavy fuel oil, greases and lubricating oils.
Essien Ekanem, Qua Petroleum Refinery representative, said the refinery is expected to create around 750 direct jobs, with 4,000 to 7,000 jobs created externally.
The project is awaiting approval from the Directorate of Petroleum Resources (DPR) and construction is likely to last for between 18 and 24 months. The refinery is scheduled to go on-stream in late 2014 or early 2015.
Eton Group, which operates in Nigeria under the name of the Niger-Delta Refinery and Petrochemicals Company, has its facilities in Malaysia, Japan, the UK and US.