FCMB Leads in Modular Refinery Financing, Backs Duport Energy Park

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An energy park, consisting of a modular refinery, gas processing facility, compressed natural gas plant, a refined product terminal, a 20 megawatts power plant and data centre constructed by Duport Midstream Company Limited and financed by First City Monument Bank (FCMB) is set for completion and commissioning in March this year.

MD/CEO of FCMB, Mrs. Yemisi Edun, announced this during an inspection tour of the management of the Bank to the facility located at Egbokor, Orhionmwon local government area in Edo State on January 13, 2022.

Speaking after assessing the project, Mrs. Edun restated the commitment of the Bank to championing and supporting initiatives that would fast-track national development across all sectors of the economy.

According to her, “our partnership with Duport Midstream Company Limited is progressive and will positively impact many sectors of the economy. So, we are excited to fund this project and pleased with the progress achieved. It will help meet part of our local petroleum consumption needs, reducing fuel importation and forex loss when fully operational. Replicating this model will strengthen the value of the naira in the long run and create job opportunities in the petroleum value chain.

Also speaking, the Chief Executive Officer of Duport Midstream Company Limited, Dr. Akintoye Akindele, restated that the project would be commissioned in March as soon as the government approves it.

He informed that, “the regulator will come for inspection and ensure that all we designed are ready. Then, we will start testing in the next 30 to 45 days for the government to confirm that it meets all standards. However, this will be delivered in modules. Phase one will be going live in the next 30 days. After we get approval from the Department of Petroleum Resource (DPR) to go live, we will start with a 2,500 barrel per day refinery, 40-million-scf gas processing, 5 megawatts power, a data centre and almost 20,000 metric tonnes of storage. Our plan after the initial take-off is to add the other modules to it quarterly and biannually. In that way, we will be able to utilise assets optimally, avoid wastage, look after the environment and create jobs”.

Akindele added that when the energy park finally comes on stream, it would leverage infrastructure to deliver energy to the country, reduce dependence on importation of petroleum products, create jobs and ensure optimal utilisation of the nation’s assets.

He further disclosed that the company also has expansion plans for a 10,000 barrel per day refinery, 60-million-scf gas processing plant, 10-million-scf compressed natural gas plant, 50 megawatts power plant, which are part of the facilities to be delivered in the park.

First City Monument Bank (FCMB) is a member of FCMB Group Plc, Nigeria’s leading and most diversified financial holding company with subsidiaries that are market leaders in their respective segments. The Bank has built a strong base in various sectors of the nation’s economy by consistently offering cutting-edge solutions to its customers across segments.

Having transformed successfully into a retail banking and wealth management-led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.