PT Intim Perkasa, an Indonesia refinery major will be constructing a 10,000 barrels per day refinery in Akwa Ibom, South South Nigeria.
The refinery will be a modular refinery that is basically smaller and faster to set up compared to the typical plant that takes a minimum of 5 years to construct depending on the country of setup.
“We have embarked on an ambitious plan to fast-track programmes to restore our capacity utilization from 30 per cent to a minimum of 90 per cent in the next 24 months,” said Maikanti Baru, NNPC group managing director.
“To do that, we are working on securing financing from third parties, not just funding, but also technical expertise,” he added
Nigeria imports the vast majority of its petrol consumption through a swap arrangement that exchanges crude oil for refined petrol.
The country’s local capacity is currently 445,000 barrels per day from four epileptic refineries across the country. Other private refineries such as the Dangote Refinery which is planned to begin production by next year is expected to produce about 650,000 barrels per day at full capacity.
PT Intim Perkasa was founded in 1986 by Haji Andi Sose. He is the father of Andi Pakurimba Sose, the current CEO of the company.
The family-owned Company exploits 3,000 hectares of coal mines in central Borneo and is in the process of rehabilitating the production of the oil concession in Sumatra. The crude oil concession was granted to Mr. Haji Andi Sose by former President Suharto in 2005 for a period of 23 year to operate, renewable, on the condition that it’s development would be for the benefit of the Indonesian people.
PT Intim Perkasa has not commented on the development at the time of writing this report.