Capt.Iheanacho to build refinery in Lagos state.

ihanachioA former Interior Minister and Executive Chairman, Genesis Shipping Worldwide, Capt Emmanuel Iheanacho, is to float a refinery in Lagos to boost local participation in crude oil lifting, it has been learnt.

The parcel of land for the facility, it was gathered, was bought from the Onisiwo Family of Irede, a coastal town at the back of Apapa Port, Amuwo-Odofin Local Government in Lagos.

When The Nation visited the site at the weekend, some leaders of the area said they were in support of the project and urged the government to support it.

A senior official of the Department of Petroleum Resources (DPR), who craved anonymity, said Iheanacho, who is also the Executive Chairman of Integrated Oil and Gas, had been given permission to build the refinery.

When the refinery begins operations, the official said, indigenous shipowners would be able to participate in the lifting of crude oil from it. “Foreign vessels involved in offshore operations, collect a minimum of $5,000 daily. This is the least amount collected by foreign vessels on the nation’s waters and that is why the indigenous ship owners must be empowered to participate,” he added.

Source: The Nation




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