CEM REPORT, ENERGY | The Edo Refinery and Petrochemical Company (ERPC) Limited, is expected to rake in about $125m every year from the export of Naphtha, one of the products from its plant.
The facility secured financing of N700m for the commencement of the production of Naphtha.
According to Chairman of ERPC, Mike Osime, the 6000bpd Modular Refinery in Ologbo, Ikpoba Okha Local Government Area, is expected to meet 18 per cent of local demand for diesel and earn foreign exchange from its operations, which will invariably boost Edo’s economy.
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, Guardian reports.
