The demand for Ginger in the international market has gone up significantly because the root is now being used as raw material in manufacturing process. More »
Livestock feeds production is a very profitable business, the demand for animal feeds in ... You can start a small scale livestock feed production in Nigeria More »
The high demand for groundnut oil nationwide and the short fall in supply due to the ban on the importation of the product by the federal government of Nigeria has thus make Groundnut oil production business very lucrative. More »
The export of cashew nuts and other agricultural commodities from Nigeria is fast becoming very lucrative these days; More »
Indeed you can become a millionaire through Poundo Yam production business in Nigeria. You can make up to N500, 000/month producing and selling Instant pounded Yam powder More »
Portable drinking water is a scares commodity in Nigeria, but some private individuals are truly making effort at making clean drinking water available through the setup of sachet and bottled water production business. More »
Smoked Catfish is one of the foodstuffs currently being exported from Nigeria to countries in Europe, America and Asian because Nigerians and other Africans there need it to cook their food. More »
You Too can start exporting Cocoa from Nigeria to buyers in the US, Europe and make up to 20% -30% as profit. More »
Pharmaceutical, cosmetics industries and Individuals in China, the US, Germany, Canada, South Korea and European countries are looking for exporters who can supply Moringa seeds and Moringa leaves and get paid handsomely. More »
Nigeria Signs: $4.5 Billion Crude Oil Refinery Deal with American Company
Latest News–Nigeria signed a memorandum of understanding on Monday with Vulcan Petroleum Resources for a $4.5 billion project to build six refineries with a combined 180,000 barrel a day capacity, officials said on Wednesday.
Vulcan, an affiliate of New York-based private equity firm Vulcan Capital Corp, aimed to have two of the refineries finished in under a year, they said.
Nigeria is Africa’s top crude oil producer but its refineries are in such a state of disrepair that they meet only a fraction of its domestic fuel needs. Its crude is shipped out and costly refined products imported.
“The project is estimated to gulp 697.5bn naira ($4.5b), while two of the refineries are expected to be completed within the next 12 months,” Yemi Kolapo, spokeswoman for the trade ministry, said in a statement.
“Each modular refinery, when completed, will refine up to 30,000 barrels of crude oil per day and produce up to five million litres of petrol, diesel, kerosene and LPFO (liquid petroleum fuel oil).”
Nigeria’s existing plants have a total capacity of 445,000 barrels per day, but are running at less than three-quarters of that capacity.
Chief Edozie Njoku, chairman of Petroleum Refining and Strategic Reserve, Vulcan’s partner in the joint venture, told Reuters by phone the aim was to distribute the sites in different regions of Nigeria.
“We have to look at where the crude pipelines are. We need to plant them so that everyone is favoured, but in the north the pipelines only go to Kaduna (in central Nigeria),” he said.
“Two of them are going to be finished in about a year. It’s not rocket science – to have all six ready should take about 30 months,” he added.
Nigeria has two refineries in its main oil-hub Port Harcourt and one each in the Niger Delta town of Warri and in Kaduna.
Some Nigerians are skeptical about building more refineries when existing ones are under capacity, but Njoku dismissed this.
“The refineries already in Nigeria are on their last legs. They will cost the country millions to turn around. Nigeria needs new refineries,” he said.
A lot of MoUs are signed with Nigerian authorities that go nowhere, but Njoku said he was confident the projects would happen.
“The only thing we need for this to be done is our permits from the government … They have shown enough honesty that they want these refineries to be built,” he said.
News Source: Reuters