… to double production capacity to 10,000bpd by 2025
Waltersmith Refinery, in Ibigwe in Imo State, has achieved a record production of nearly 600 million litres of diesel, kerosene, naphtha, and high-fuel oil, since its commissioning in 2020 and is set to double its capacity to 10,000 barrels per day by the second quarter of 2025, as part of its expansion plan.
Engr. Simbi Wabote, Executive Secretary of the Nigerian Content Development & Monitoring Board (NCDMB), made this known when Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil) paid a facility visit to Waltersmith Refinery, Ibigwa, Imo State earlier in the week.
According to him, we have produced almost 600 million litres of various products from this refinery since it officially opened on November 24, 2020. He stated that about 20 trucks load from the refinery daily.
Wabote therefore stated that the Board is proud to be associated with the success story of the modular refinery and is also delighted to participate in the project through its 30% equity interest.
Abdulrazaq Isa, Chairman of Waltersmith Group, while addressing the Minister and other visiting delegates said that the management of the company is working round the clock to ensure that Phase Two of its refinery project, which will immediately take its capacity from 5,000 barrels of crude oil a day (bpd) to 10,000bpd, comes on stream.
Isa said, “We have customers from as far as Sokoto and from all over the country. It is obvious to us that the current capacity is so limited. That is why we are working very hard to conclude the next phase and ramp up the capacity.
“We expect Phase Two to come onstream by June 2025. Our target is to achieve 40,000bpd capacity in the shortest possible time and that is where we are headed,” Isa said.
Oladapo Filani, CEO Waltersmith Petroman Oil said, “Between the Final Investment Decision (FID) and coming on stream of the Phase One project was between 18 – 24 months and we see ourselves reproducing that for Phase Two, which is a replica and an improvement on the learnings of what we achieved with Phase One”, said.
Sen. Lokpobiri, Minister of State for Petroleum Resources (Oil), in his comment about the facility, expressed confidence in the operations of the Waltersmith Refinery and pledged his full support and that of the government for the expansion plans of their refinery project.
“The success story of the Waltersmith refinery should be an encouragement and proof that one of the quickest ways to ensure energy security for our country is through the fast-tracking of modular refinery projects. I also believe that other organizations with modular refinery licenses and other marginal field operators should take a cue from Waltersmith”, Lokpobiri said.
Olasupo Olusi, Managing Director/Chief Executive Officer of Bank of Industry (BOI), who was also present during the Ministerial tour of the facility, said that the bank is open and committed to supporting the expansion plans of the Waltersmith Refinery.
EnergyDay’s check showed that the refinery has been a stable source of all the various petroleum products for the domestic market since its commissioning in 2020.