Hong Kong investors plan Nigeria's second largest refinery

Blooming Faith Petroleum Limited, a subsidiary of Blooming Faith Global Holdings Limited has firmed up arrangements to build and operate a 200,000 barrels per day capacity refinery in Akwa Ibom State, in partnership with the Federal Government.
A team of the company’s senior management, presently in Nigeria to start the procedure for the project, told newsmen that that had held successful meetings with the Nigerian National Petroleum Corporation (NNPC) towards a strategic relationship that would see them produce refined products for domestic consumption.

According to the Chairman of Blooming Faith Petroleum, Dr. Robert Yeung, the company’s interest in building a refinery stemmed from the fact that Nigeria, though a major oil producer still relies heavily on imported refined products.
“We became immediately interested for two basic reasons: first, as a business entity we have identified that there is a vacuum to be filled, hence there is market for our product when we start, because the government of Nigeria will not import what it can access locally as being produced by refineries in-country.
“Secondly is because of our confidence in Nigeria as investors’ destination of choice in Africa as we know that with a population of almost 200 million people, we can never get it wrong with the country and its people.
“We have no interest exporting refined products, our basic objective is to produce refined petroleum products for the Nigerian market. Discussions are currently ongoing with the NNPC and the Department of Petroleum Resources and we hope at the end we will get all necessary approvals as we are ready to commence immediately with 100 per cent funding capability.”