Ibegwe Refinery: V-LEM gets $48.5m Contract

By July 10, 2018 Investment News

A partnership between Waltersmith Petroman and the Nigerian Content Development Monitoring Board (NCDMB), has awarded a turnkey EPC contract for the construction of a 5,000BOPD capacity crude oil refinery to a consortium named V-LEM.

The contract is worth $48.5Million. The refinery, to be located on the Ibigwe field in the eastern Niger Delta, will process crude oil into diesel, naptha, kerosene and Fuel Oil.

The equity part of the financing comes from Waltersmith, operator of the 6,000BOPD Ibigwe field, and NCDMB. The debt financing comes from Africa Finance Corporation (AFC), a development finance institution. V-LEM consists of two companies: VFuels and Lambert.

Source: Energy mix report