Our modular refinery project hits milestone soon- CEO Integrated Oil and Gas Ltd
On our programme ‘CEOs Talk Business,’ the Chairman/CEO of Integrated Oil and Gas Ltd., Capt. Emmanuel Iheanacho, sits with us At The Marina Today, and tells us how far gone they are with their Modular Refinery Project.
He draws attention to the time the project has taken thus far, over three years, as he highlights just how much work it takes in reality to develop such project.
“We have been on the project for about four years, and it has been a period when we are concentrating on making sure you do it the right way. There hasn’t been any major stoppages,” Iheanacho says.
Importantly, the project should hit a significant milestone, as he adds. And he talks on the brilliance of the full deregulation of the petroleum downstream sector, to investors as well as end users of the petroleum products.
“We have always said if we had regulation in place, it would be almost impossible for anybody to establish your refinery, because if you realise that the funding for refineries comes from the private sector. And no private sector funding agency would you give you money to build your refinery, if at the end of the day you will not be at liberty to set parameters as to the volume that would be refined and the price at which you will sell,” the CEO says.