The chairman of Waltersmith Group, Abdulrazaq Isa, has said, they are working round the clock to ensure that Phase Two of its refinery project, which will immediately take its capacity from 5,000 barrels of crude oil a day (bpd) to 10,000bpd, comes on stream.

Isa stated this during the recent official visit and tour of the refinery project site in Ibigwe in Imo State by the minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.

“We have customers from as far as Sokoto and from all over the country. It is obvious to us that the current capacity is so limited. That is why we are working very hard to conclude the next phase and ramp up the capacity. We expect the Phase Two to come onstream by June 2025”, Isa told reporters after conducting the Minister of State for Petroleum Resources round the facility.

Our target is to achieve 40,000bpd capacity in the shortest possible time and that is where we are headed,” Isa added.

In an earlier presentation to the minister, CEO, Waltersmith Petroman Oil, Oladapo Filani, said: “between the Final Investment Decision (FID) and coming on stream of the Phase One project was between 18 – 24 months and we see ourselves reproducing that for Phase Two, which is a replica and an improvement on the learnings of what we achieved with Phase One.”

The minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri expressed a resounding vote of confidence in the operations of the Waltersmith Refinery and pledged his full support and that of the government for the expansion plans of their refinery project.


“The success story of the Waltersmith refinery should be an encouragement and proof that one of the quickest ways to ensure energy security for our country is through the fast-tracking of modular refinery projects. I also believe that other organisations with modular refinery licences and other marginal field operators should take a cue from Waltersmith”, Lokpobiri said.


The executive secretary of the Nigerian Content Development & Monitoring Board (NCDMB), Engr. Simbi Wabote expressed delight at the participation of the local content body in the project through their 30 per cent equity interest.


“As you can see, we have produced almost 600 million litres of various products from this refinery; that translates to about 20 trucks load from this refinery on a daily basis and NCDMB is proud to be associated with the success story of the Waltersmith Refinery”, Wabote said.

There is also a possibility of the Bank of Industry (BOI) coming on board to be part of the Waltersmith Refinery and Petrochemicals Company Ltd Phase Two Refinery project. The managing director/chief executive officer of Bank of Industry (BOI), Olasupo Olusi, who was also present during the ministerial tour of the facility, said that the bank is open and committed to supporting the expansion plans of the Waltersmith Refinery.

It is worth noting that Phase One of the Waltersmith Refinery, which is a facility capable of processing 5,000 barrels of crude oil per day, was officially opened on November 24th, 2020. This phase was created to tackle the increasing risks of crude oil theft in the company’s upstream operations by providing an operational solution. Its primary goal is to increase the overall value of extracted crude oil by engaging in domestic refining, thereby ensuring a steady supply of petroleum products to the local market.


Source: https://leadership.ng/waltersmith-refinery-plans-10000-barrels-a-day-production/

This is the only good news that came out of Imo State in 2023! Hope Uzodinma has been a curse to that state.

SoNature:


The chairman of Waltersmith Group, Abdulrazaq Isa, has said, they are working round the clock to ensure that Phase Two of its refinery project, which will immediately take its capacity from 5,000 barrels of crude oil a day (bpd) to 10,000bpd, comes on stream.

Isa stated this during the recent official visit and tour of the refinery project site in Ibigwe in Imo State by the minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.

“We have customers from as far as Sokoto and from all over the country. It is obvious to us that the current capacity is so limited. That is why we are working very hard to conclude the next phase and ramp up the capacity. We expect the Phase Two to come onstream by June 2025”, Isa told reporters after conducting the Minister of State for Petroleum Resources round the facility.

Our target is to achieve 40,000bpd capacity in the shortest possible time and that is where we are headed,” Isa added.

In an earlier presentation to the minister, CEO, Waltersmith Petroman Oil, Oladapo Filani, said: “between the Final Investment Decision (FID) and coming on stream of the Phase One project was between 18 – 24 months and we see ourselves reproducing that for Phase Two, which is a replica and an improvement on the learnings of what we achieved with Phase One.”

The minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri expressed a resounding vote of confidence in the operations of the Waltersmith Refinery and pledged his full support and that of the government for the expansion plans of their refinery project.


“The success story of the Waltersmith refinery should be an encouragement and proof that one of the quickest ways to ensure energy security for our country is through the fast-tracking of modular refinery projects. I also believe that other organisations with modular refinery licences and other marginal field operators should take a cue from Waltersmith”, Lokpobiri said.


The executive secretary of the Nigerian Content Development & Monitoring Board (NCDMB), Engr. Simbi Wabote expressed delight at the participation of the local content body in the project through their 30 per cent equity interest.


“As you can see, we have produced almost 600 million litres of various products from this refinery; that translates to about 20 trucks load from this refinery on a daily basis and NCDMB is proud to be associated with the success story of the Waltersmith Refinery”, Wabote said.

There is also a possibility of the Bank of Industry (BOI) coming on board to be part of the Waltersmith Refinery and Petrochemicals Company Ltd Phase Two Refinery project. The managing director/chief executive officer of Bank of Industry (BOI), Olasupo Olusi, who was also present during the ministerial tour of the facility, said that the bank is open and committed to supporting the expansion plans of the Waltersmith Refinery.

It is worth noting that Phase One of the Waltersmith Refinery, which is a facility capable of processing 5,000 barrels of crude oil per day, was officially opened on November 24th, 2020. This phase was created to tackle the increasing risks of crude oil theft in the company’s upstream operations by providing an operational solution. Its primary goal is to increase the overall value of extracted crude oil by engaging in domestic refining, thereby ensuring a steady supply of petroleum products to the local market.


Source: https://leadership.ng/waltersmith-refinery-plans-10000-barrels-a-day-production/

ndi igbo will not disappoint you we will give you all the support you need you change the narrative of igbo land is not welcome investors from other part of Nigeria,

We understand the people who are behind the propaganda.

I hope that the government would let them sell fuel from that refinery at market price.

Not the one where they refine one liter at 1000 naira and sell it at 49 naira because APC said they promised Nigerians 40 naira per liter

Ori not petroleum wey Pandora. Obi commissioned since 2013 is yet to produce a single drop of petroleum product yet flat chest bester are already beating the chest again

Sometimes in this country we get to read some exciting news and sincerely it gladdens my heart.
The owners of this Refinery need to applauded as they have shown that Modular Refineries can actually work if given the opportunity
Sometimes we get to a point when we realize that Nigerians are the problems of Nigerians.Some stone cold individuals who have mortgaged their soul for wealth and can never be redeemed live amongst us,this individuals will rather die than allow any part of Nigeria to work.Because how can you explain how a company can build a modular refinery like this and Nigeria's biggest Oil Corporation didn't have the concept and imagination of building at least four or five of this kind of Refineries in order to cushion the effects of fuel importation
They rather preferred to continually spend money on something they knew can never work in their lifetime and yet kept spending money on Turn Around Maintainance
We await the start of the Dangote Refinery at Ibeju Lekki LGA,Lagos State.We constantly get information and feelers show all is set to commence the Refining of Crude Oil in Dangote Refinery which will bring a gradual end to this continuous waste of our forex
To Waltersmith Refinery,I say more power to your elbow

Our promo Christmas and End of year sales is ongoing in all our estate
God bless

SoNature:
This is the only good news that came out of Imo State in 2023! Hope Uzodinma has been a curse to that state.

shut up

nairalanda1:
I hope that the government would let them sell fuel from that refinery at market price.

Were you paid to be typing this everywere? You always runs to every refinery thread to remind us of how petrol refined in nigeria would be of thesame price with the one shipped to&fro uk refinery.

cadmanspize:


Were you paid to be typing this everywere? You always runs to every refinery thread to remind us of how petrol refined in nigeria would be of thesame price with the one shipped to&fro uk refinery.

Do you call everyone who does not think the way you think paid agents?

Do you actually have points to refute my argument or you want to just use the paid agent argument


At the end, selling at a profit is how businesses survive.

nairalanda1:
I hope that the government would let them sell fuel from that refinery at market price.

Not the one where they refine one liter at 1000 naira and sell it at 49 naira because APC said they promised Nigerians 40 naira per liter

Your post is meant for 20 years ago.

Wake up!

cadmanspize:


Were you paid to be typing this everywere? You always runs to every refinery thread to remind us of how petrol refined in nigeria would be of thesame price with the one shipped to&fro uk refinery.

Seriously, this paid agent argument is getting stale man.

You were probably one of thise who were protesting in 2012 for 65 naira fuel

Back then it cost government 34 naira to subsidize one liter. If the price was still 65 naira today it would be costing government over 800 naira in subsidies for one liter.

And paying for that would worsen our loan issues

You do not need to work for government, or to support PDP or APC or to work for the oil industry to realise that that is rubbish economics.

Anyway..

jmoore:

Your post is meant for 20 years ago.

Wake up!

You have no argument only abuse.

Grow up

Just like your APC government that is selling fuel that should cost 1000 naira at 617 naira and you are happy, meanwhile it is worsening out debts

nairalanda1:

You have no argument only abuse.
Grow up

You seeing it as an abuse shows you need serious help.
Is there petrol subsidy in Nigeria? Your post na babablu.

jmoore:

You seeing it as an abuse shows you need serious help.

Is there petrol subsidy in Nigeria?
Your post na babablu.

There is, son. It is like you believed tinubu when he said subsidy has gone. It hasn't.

Fuel should not cost less than 800 naira per liter . If in countries like Niger it costs 1000 naira , and they don't import, then why is it costing 617 here and we import?

The day you stop believing government your life go better


As for me, petrol must be sold at a profit. If it makes you cry,so be it. We lost four refineries because we thought that we could sell petrol at a loss

nairalanda1:


Just like your APC government that is selling fuel that should cost 1000 naira at 617 naira and you are happy, meanwhile it is worsening out debts

My APC or your APC?

Have you refined any petrol by yourself to come to the ridiculous conclusion that imported petrol is cheaper than locally refined one?

You should have said petrol should be sold at 5,000 naira per litre.

nairalanda1:
I hope that the government would let them sell fuel from that refinery at market price.

Not the one where they refine one liter at 1000 naira and sell it at 49 naira because APC said they promised Nigerians 40 naira per liter

Fuel should be cheaper in Owerri considering it's in Imo state. The man must be ready to build his head office in Owerri too. Any idea of taking it to Lagos or Abuja and be paying tax there will be resisted. Imo people have given him 100% support so far, he shouldn't take it for granted.

Sadwaste:


Fuel should be cheaper in Owerri considering it's in Imo state. The man must be ready to build his head office in Owerri too. Any idea of taking it to Lagos or Abuja and be paying tax there will be resisted. Imo people have given him 100% support so far, he shouldn't take it for granted.

Yes, but it won't cost less than 200 naira or even 40 naira again, barring any improvement in the valu of the naira

jmoore:


My APC or your APC?

Have you refined any petrol by yourself to come to the ridiculous conclusion that imported petrol is cheaper than locally refined one?

You should have said petrol should be sold at 5,000 naira per litre.

You can call me APC supporter just as they called me PDP supporter in 2012 when I woke up

But at the end, if the person refining petrol is not allowed to make a profit doing so,the refinery will collapse

If you want subsidised fuel instead of going to vote APC or PDP or LP or. Nnpp , vote for someone who would make sure that our revenue goes up so that we can actually afford subsidy

Oga, you would never ever sell at a loss. Forget politics. I am not here to make a political argument. APC and PDP are both useless to me.

nairalanda1:
I hope that the government would let them sell fuel from that refinery at market price.

Not the one where they refine one liter at 1000 naira and sell it at 49 naira because APC said they promised Nigerians 40 naira per liter

That's exactly what they are doing na

There is no how you can refine and sell at 600 per litres... It's economically impossible

Unless you steal the crude

MEEVEET:

That's exactly what they are doing na

There is no how you can refine and sell at 600 per litres... It's economically impossible

Unless you steal the crude

I doubt the government is doing that.

The truth is the problem with government in Nigeria including this APC one is that they are not realistic. And their lack of realism is driving us into debt

Fuel should be above 900 naira by now. Simple and short. That it isn't is plain indication a subsidy is being paid

I fear for the refineries if govt continues like this

nairalanda1:


You can call me APC supporter just as they called me PDP supporter in 2012 when I woke up

But at the end, if the person refining petrol is not allowed to make a profit doing so,the refinery will collapse

If you want subsidised fuel instead of going to vote APC or PDP or LP or. Nnpp , vote for someone who would make sure that our revenue goes up so that we can actually afford subsidy

Oga, you would never ever sell at a loss. Forget politics. I am not here to make a political argument. APC and PDP are both useless to me.

Dude, you are really confused.

You are the one that started the political party stuff by typing 'your APC government'.

Dude Rest!!

None of the owners of any private refinery has said anything this year that government doesn't allow them to sell at market price. But you that don't own any go open mouth WAAA!!

jmoore:

Dude, you are really confused.

You are the one that started the political party stuff by typing 'your APC government'.

Dude Rest!!

None of the owners of any private refinery has said anything this year that government doesn't allow them to sell at market price. But you that don't own any go open mouth WAAA!!

Okay, I see you agree with me.

Fuel should be sold from the refineries at market price

It is a simple matter, but the government of the day, like it's predecessors loves subsidy

But if you are arguing for fuel to be sold at 200 or less, then I disagree.


I'm ending it here