Where We Are:
Our refinery business is divided into three phases.
Our Refinery phase I, which is a 5,000bpd refinery, was commissioned in 2020 amidst the pandemic. It was conceptualized as an operational solution with respect to the increasing risks faced in our upstream operations to optimize the full value of our produced crude through domestic refining and provide petroleum products for the domestic market.
The Commissioning of 5,000BPD Phase I & Ground-breaking of Phase II, 25,000BPD was attended by many Industry stakeholders on November 24th, 2020.
Our Journey So Far:
Waltersmith Refining & Petrochemical Company Limited (WRPC) was incorporated in 1996 and is currently developing a 50,000bpd modular refinery situated near our Ibigwe flow station through a phased expansion strategy. WRPC obtained a License to Establish (LTE) from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on 1st June 2015 and received the NUPRC’s Approval to construct on 29th March 2017.
WRPC then secured a partnership with the Nigerian Content Development Management Board (NCDMB) who acquired a 30% equity interest and signed an EPC contract in June 2018 with a consortium consisting of Vfuels and Lambert Electromec.
Construction commenced after the ground-breaking ceremony in 2018, and the African Finance Corporation (AFC) were the lenders of the project.
Where We Are Heading:
The Refinery phase II is a stand-alone 25,000bpd condensate refinery at an advanced stage of project development, having completed a feasibility study and front-end engineering design (FEED) and initiated the EPC contract tendering process.
The formal groundbreaking was carried out simultaneously with the commissioning of our Phase I on the 24th of November 2020. It has a scheduled completion period of 24 months from the groundbreaking date.
The project is still at an early stage of development but is designed to produce the following products: gasoline, diesel, LPG, kerosene, and aviation fuel.
The Refinery Phase III will be the addition of a 20,000-bpd refinery to bring the combined capacity of the complex to 50,000 bpd.
The product slate will be expanded to include PMS and LPG. Furthermore, considering the 4.1 million barrels of oil Africa consumes per day, the refinery will cater to the macro-objective of domestic refining, which can boost the export promotion and import substitution strategy of the Federal Government of Nigeria by supplying the regional market, thereby generating further FX and providing several thousands of new direct and indirect direct and indirect jobs.
We aim to become the nation’s segue to full industrialization and domestic energy security, thereby setting up a great energy transition.
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