The Export Import Bank of the United States (U.S. Ex-Im Bank) has made the approved $10.3 million Amakpe Refinery Project Loan operative, officially authorizing UPS Capital Business Credit to disburse related Loan Funds to fully fund the Project being Guaranteed by Sterling Bank, Plc., of Nigeria. The U.S. Loan will finance start-up construction of U.S. Plants and Machinery at Ventech's Facility in Pasadena, Texas. This will compliment the Funds already raised through Equity, Investment Capital and Bridge Loan being applied towards execution of Project Site Construction Work Plan and full Project Implementation and Start-up within the overall Project Scope.
Amakpe International Refineries Nigeria Limited is currently the first Private Nigerian Company to receive a revalidated Construction License from the Department of Petroleum Resources (DPR), having satisfied all the current License revalidation requirements of the Nigerian Regulatory Authority.
Start-up Construction at the Ikot Usekong Eket Project Site commenced in July 2007 and based on current developments, phase 1 - 6,000BPD of the 12,00BPD Amakpe Refinery is scheduled to commence production by October 2008, to produce Export Grade Naphtha, Diesel, Kerosene and Fuel Oil. The Refinery Project will further expand into second phases that will double the capacity of the Plant to 12,000BPD, incorporating a Catalytic Reformer/Hydrotreater to also produce Unleaded Gasoline. By the fifth through seventh year of production, the Project would have expanded to 30,000BPD capacity with the systematic addition of Distillation Units, Tank Farms, Power Plants, Support Systems, and Accessories.
The Amakpe Refinery Project will provide employment to over 150 local Nigerian workers initially, increased to approximately 250 direct employees in its second phase. The establishment of the Refinery will propel the development of new Small and Medium sized Businesses in Akwa Ibom State in particular and Nigeria, in general, through Products Marketing and Distribution, Transportation, Construction, Supply Contracts, and Local Support Services. The establishment of Amakpe Refinery will be a catalyst for development of Downstream Petrochemical Industrial Projects that will source Raw Materials from the Refinery.
Financialbridge is Amakpe Refinery's Financial and Project Consultants.
Contact Amakpe Refinery at http://www.amakperefineries.com