Government of Nigeria, Erapil to construct $7.5bn oil project
The Government of Nigeria and Epic Refinery & Petrochemical Industries (Erapil) have signed a memorandum of understanding (MoU) to set up a $7.5bn oil company in Nigeria.
As part of the MoU, the parties will construct a 100,000bpd refinery, cogeneration plants and associated facilities at Oporoma in the Nigerian state of Bayelsa.
The project is expected to create more than 180 petrol stations, 100,000 jobs and produce electricity of more than 500MW.
Barango Mattew Wenke, Erapil managing director, said that the project would be completed in collaboration with the Sino Asia Energy (SAE) Group Company, the company's technical partner. The project is expected to be commissioned within two years.
Dr Samuel Ortom, Nigerian Minister of State for Trade and Investment, said there are a number of incentives lined up for investors in the oil and gas sector.
The minister added that the Nigerian Government is creating an environment to attract domestic and foreign investment in all sectors of the economy.