Integrated Modular Refinery: American EXIM Bank to finance 85% of US Content
Development Agency (USTDA), the United States Export, Import Bank has also offered to finance 85 percent of the US content.
$32 million.In his words: “ 85 per cent of the US content is the Central Processing Unit of the refinery. The refinery will be of American design. It will cost about $32 to buy that piece. They will give us 85 percent of that money and we will then bring 15 per cent of it as our contribution.”
He, however, explained that the cost for the US content was different from the total cost of building the refinery which he put at $116 million.
Iheanacho noted that prospective investors have been drawn to the project, considering the detailed approach it has been taking from the start, and that the company has stayed with its policy of first approach to everything.
its money in an idea, if they see the USTDA also supporting by shelling out $800000 of it, then they will know that the project is being well conceived and so it will spur other people to come forward to also put in their resources by way of equity.”
He disclosed that having carried out the detailed engineering work, the company will be hosting technical experts from the United States, the Department of Petroleum Resources (DPR) and the Nigeria Export Processing Zone Authority (NEPZA) for a review meeting of the project.
financial model to show that there is money in it … We have done all of these
things – and they have been approved by the DPR.
“Then the Americans, when they gave us a grant to do the detailed engineering last year, they specified their own parameters to be covered so that if they end up giving us more money, then they know that we are prepared. We have absolutely carried out study necessary for establishing a
involve the DPR, NEPZA.. once we finish that meeting and everyone is satisfied, we will then go to the Director, DPR and ask for authority to construct. So, once that is done, we will go into full search for funding – so that is where we will require the services of major accountants in Nigeria – KPMG, PWC , go to people who are likely to invest and invite them. Once we have the money, off