Senior management team of the organization who are currently in Nigeria to kick-start the procedure for the project confirmed in a chat with newsmen in Abuja that successful meetings were held with the leadership of the Nigerian National Petroleum Corporation, NNPC, with a view to forming a strategic relationship for the sole purpose of producing refined products to shore up domestic consumption in Nigeria.
Speaking on the development, chairman of the company, Dr. Robert Yeung stated that the company’s interest in building a refinery was fired up by the discovery that Nigeria, a major oil producing nation in the world relies on importation of refined products to attend to its domestic needs.
“We became immediately interested for two basic reasons, firstly as a business entity we have identified the fact that there is a vacuum to be filled, hence there is market for our produce when we get started. This is so because the government of Nigeria will not import what it can access locally as being produced by refineries in-country.
“And secondly because of our confidence in Nigeria as an investors destination of choice in Africa as we know that with a population of almost 200 million people we can never get it wrong with the country and its people.
“We have no interest in exporting refined products as our basic objective is to produce refined petroleum products for the Nigerian market, discussions are currently on-going with the NNPC and the Department of Petroleum Resources and we hope at the end we will get all necessary approvals as we are ready to commence immediately with one hundred percent funding capability”.
Also speaking on the issue Mr. John Erigwe, the company’s International Operations Director stated that the company has the financial capability and technical expertise to see the project through.