Edo students in France endorse Obaseki, see economic boom with 6000bpd Modular Refinery
Students of Edo State extraction in France have endorsed candidate of the Peoples Democratic Party (PDP) and Governor of Edo State, Mr. Godwin Obaseki, for re-election ahead of the September 19 governorship election.
In a statement, a Graduate Research Student at IFP France and spokesperson of the students, Dr. Omozuwa Efe, said the endorsement is coming on the heels of the governor’s determined resolve to industrialise Edo State, especially with the scheduled coming on stream of the 6000bpd Edo Modular Refinery being developed by the Edo Refinery and Petrochemical Company Ltd.
According to him, “We have studied all the candidates on the ballot and the only person with a proven track record of achievement and whose landmark strides are capable of resetting the economy of the state is Governor Obaseki. Edo stands to experience a total make over, for instance, with the Edo Modular Refinery.
“As a research in the oil and gas field, I can confirm that we are in for a generational shift in economic liberation once the modular refinery comes on stream. The refinery would produce diesel, fuel oil, naphtha, among others. The refinery will generate billions of naira and I am certain they would be expanding within just one year. The impact would be felt in the oil sector as well as other allied sectors, including hospitality, real estate, transport and logistics and power sector. It would increase the state’s rating and attract more investors in allied sector to the Ologbo corridor.
“On diesel, we would invariable become the home of diesel supply in the country. Diesel, used by most of the transportation buses in and outside the state, as well as heavy-duty trucks, is very essential. Its price fluctuation due to variable supply, impacts the price of transportation in the state. What happens in the state will play a key role in the products pricing.”
He added, “Also, the production of gas is inevitable in refining operations. Hence, cooking gas (mostly butane cut of the crude oil) will be produced as well as fuel gas which can be sold to neighbouring companies, like Warri Refining and Petrochemical Company (WRPC) to power their gas turbines. The availability of cooking gas will also contribute in reducing the market price of the product, as some residents of the state utilise cooking gas.
“The naphtha produced by the refinery can be blended to produce Premium Motor Spirit (PMS) or sold to bigger refineries to be converted to reformate, another blend for PMS. Also, with plans for expansion and additional investment, with a view of increasing product slate, dual-purpose kerosene (DPK) can be produced by the refinery. Normally, DPK is smuggled into the state by ‘market women’, due to inadequate product, which is essential to the activities of the middle and lower echelons of the state. Its use ranges from cooking through lighting.”
“Fuel oil, also referred to as bunker fuel, is used by ships as energy sources in transportation. Our crude oil is mostly exported using ships; therefore, the fuel oil produced can be sold to ships in the delta, as well as other marine transportation means,” he said.