Recently, the Edo Refinery and Petrochemical Company (ERPC) Limited has proud that its operators of the 6000bpd Modular Refinery in Ologbo, Ikpoba Okha Local Government Area, is on course to ensure the rake in of about $125m every year from the export of naphtha, one of the products from its plant.
The refinery has doubled down on production since it started processing crude oil sourced from Oza Oil Field, as it recently placed an order for 150,000 barrels of crude from operators of the marginal field, Decklar Resources Inc. and Millenium Oil and Gas Company Limited.
According to the Chairman of ERPC, Dr. Mike Osime, the refinery at full capacity is expected to meet 18 per cent of local demand for diesel and earn foreign exchange from its operations, which will boost Edo’s economy.
It is estimated that the facility will at least rake, “in excess of $125m from the export of Naphtha per annum,” according to estimates from the company, who secured financing from the Governor Godwin Obaseki-led Edo State Government, which contributed N700m for the commencement of the project.