By Milcah Tanimu
The Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, commended Waltersmith Group and the Nigerian Content Development and Monitoring Board (NCDMB) for their efforts in supporting the Federal Government’s agenda to improve domestic refining capacity. The minister expressed satisfaction during a facility tour of Waltersmith Petroman Oil Limited in Ibigwe, Ohaji-Egbema Local Government Area of Imo State.
Senator Lokpobiri highlighted the significance of modular refineries as a quick solution to the country’s energy challenges while awaiting the complete rehabilitation of larger refineries. The 5,000-barrel per stream day Waltersmith Petroman refinery, operational since 2020, has been a reliable source of diesel, kerosene, naphtha, and high fuel oil for the local market.
The minister praised NCDMB for its equity participation in Waltersmith Refinery, facilitating the completion of the modular facility. He encouraged other companies with licenses for modular refineries and marginal field licenses to follow Waltersmith’s example and make deliberate investments.
Senator Lokpobiri emphasized the need for companies to add value to allocated marginal fields through investments, cautioning that fields without requisite investments might risk cancellation. He disclosed that a fresh round of bidding, prioritizing locations with modular refineries, would take place soon.
Commending Waltersmith’s success story and plans for expansion, the minister assured the government’s support for continued growth. He also praised NCDMB for its role as an equity participant in Waltersmith, citing the board’s commitment to enhancing development and catalyzing Nigeria’s industrialization.
In response, the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, lauded Waltersmith’s corporate governance and mission, expressing pride in the achievements at the facility. Waltersmith Petroman Oil Limited’s President and Group CEO, Mr. Abdulrasaq Isa, revealed plans to increase the processing plant’s capacity from 5,000 to 40,000 barrels per stream day, aiming to produce two million tonnes of petroleum products annually. Since its commissioning in 2020, the refinery has supplied 600 million liters of petroleum products to the Nigerian market.