Senator Heineken Lokpobiri, the Minister of State for Petroleum, has revealed the federal government’s commitment to offering financial backing to licensed private modular refinery proprietors who demonstrate a solid track record.
Senator Lokpobiri emphasized that the hurdles faced by modular refineries, particularly concerning feedstock and funding accessibility, are at the forefront of the government’s attention.
This commitment aims to foster a thriving environment for private refinery ventures.
One of the primary challenges acknowledged by the government is the scarcity of feedstock for modular refineries.
In response, strategic initiatives are being implemented to ensure a stable and sustainable supply, creating a conducive atmosphere for growth.
Senator Lokpobiri underscored the government’s proactive stance in resolving challenges.
Efforts are underway to streamline the funding process, ensuring that licensed modular refinery owners can access the necessary financial support to drive their operations forward.
Engr. Simbi Wabote, the Executive Secretary of NCDMB, highlighted the remarkable success of Waltersmith Modular Refinery.
Having produced nearly 600 million liters of diverse petroleum products, this achievement showcases the potential and viability of private modular refinery initiatives.
