The Independent Petroleum Marketers Association of Nigeria (IPMAN) has commenced arrangement to establish two refineries in the country.
President of IPMAN, Elder Chinedu Okoronkwo, disclosed this in Kano when he led the national executive members of the association on condolence visit over the death of the late Emir of Kano Alhaji Ado Bayero.
He said the two refineries, expected to gulp 3 billion US dollars, would be built through a consortium from the United Kingdom (UK).
“As a major player in the downstream sector, controlling over 80 percent of petrol stations in across the country, we are partnering with UK based consortium to build two refineries,” he said.
According to him, the refineries would be situated in Kogi and Bayelsa states in a bid to enhance fuel supply in the country.
“The fund for the refineries would be sourced both locally and internationally. Before the end of this month, our partners abroad would be coming for us to perfect the transaction,” he added.
He said the refineries, when established, would apart from fuel production, engage in producing other allied products.
Okoronkwo urged members of the association to rally round the association in order to actualise the dream.
