Capt. Emmanuel Ihenacho (retd), the Chairman, Integrated Oil and Gas Limited has announced at a press briefing in Lagos that the company has received a licence to establish an oil refinery along the coast of Lagos.

Ihenacho said, “I saw a recent report that the Nigerian National Petroleum Corporation was talking to the International Oil Companies on how they could get funds to establish refineries in Nigeria. That is very good.

“’We want the right to refine crude in Nigeria; we can add value and create jobs. This is what we are embarking upon. I have a licence to establish a refinery. Already, we have an island property along the coast of Lagos. Our approach is to plan carefully before we commence the building process.”

He mentioned that the the construction of refineries was guided by rules and regulations specified by the Department of Petroleum Resources and the Ministry of Environment.

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The chairman also revealed that the company had been on the approval process for quite some time before eventually receiving one.

He said, “Before granting a licence to establish a refinery, the DPR must inspect the proposed site. This, they have done. There is a licence for every stage – to establish, to construct and operate a refinery – all is dependent on your ability to fulfil stipulated requirements.

“Our focus now is to address the issue of Environmental Impact Assessment, the feasibility study and all. We have been carrying the host communities along and they are pleased to be a part of this project. The project will be financed by Nigerian and international financial institutions.”

When the refinery gets completed, it will increase the supply of petrol in the country and also help against marketers boycott.