UAE industrialists invited to invest
The Chief Minister of Andhra Pradesh, K Rosaiah, has invited UAE industrialists to invest in state sectors including ports and petrochemicals. The gulf state has many strong developments in the petroleum, petrochemical, cement and aluminum industries and feels that investment from the UAE would further enhance the area’s prospects and benefit the investors.
Nigerian refinery plans
The location of the Lekki greenfield refinery is currently under debate. The Governor of Akwa Ibom wants to push for the location to be changed to the Ibaka industrial zone in Akwa Ibom from the Lekki free trade zone. As he believes that the Ibaka site is closer to the source of raw materials.
The facility is a joint venture between Nigeria National Petroleum Corporation and Mobil Producing Nigeria. The refinery will be the first new refinery in the country for over 20 years. Recent market assessments have suggested that there is only room in the Nigerian refining industry for approximately 600 000 bpd more of processing capacity in the next seven years. Yet, it is hoped that the construction of this new refinery will mean that Nigeria can save up to US$ 10 billion in imports.
Kuwait to reconsider refinery plans
The Kuwaiti government is reconsidering plans to construct one new refinery and upgrade two refineries in the country. The US$ 30 billion plans were abandoned due to political disputes but are shortly to be referred to the Supreme Petroleum Council for approval.
Construction of a new refinery will cost approximately US$ 15 billion and once completed will process 615 000 bpd. The remainder of the money will be used to upgrade two of the three existing refineries in Kuwait. The plans were cancelled nearly a year ago, even though four contracts had already been awarded.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/24022010/news_from_opec_member_countries/