Waltersmith Refinery Intensifies Phase 2 Development as Minister Hails Promoters 

Peter Uzoho

 The Chairman of Waltersmith Group, Mr. Abdulrazaq Isa, has indicated the efforts and high-level commitment of the company and its equity partner to ensure successful delivery of the Phase Two of its refinery project sited in Ibigwe, Ohaji/Egbema Local Government Area of Imo State.

The modular refinery with a 5,000 barrels per day production capacity achieved under the Phase1 development, is currently undergoing expansion to 10,000bpd with a target to further ramp up the capacity to 40,000bpd in the shortest possible time.

Providing insights into the facility during the recent tour of the refinery project by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Chairman of Waltersmith Group, Mr. Isa, said the phase 2 will come on stream by June 2025.

“We have customers from as far as Sokoto and from all over the country. It is obvious to us that the current capacity is so limited. That is why we are working very hard to conclude the next phase and ramp up the capacity. We expect the Phase 2 to come on stream by June 2025,” Isa told journalists after conducting the minister round the facility.

“Our target is to achieve 40,000bpd capacity in the shortest possible time and that is where we are headed,” Isa added.

In an earlier presentation to the minister, the Chief Executive Officer Waltersmith Petroman Oil, Oladapo Filani, said: “Between the Final Investment Decision (FID) and coming on stream of the Phase One project was between 18-24 months and we see ourselves reproducing that for Phase 2, which is a replica and an improvement on the learnings of what we achieved with Phase 1”.

In his remarks, Lokpobiri expressed his satisfaction with the operations of the refinery and pledged his full support and that of the government for the expansion plans of the refinery project.

“The success story of the Waltersmith refinery should be an encouragement and proof that one of the quickest ways to ensure energy security for our country is through the fast-tracking of modular refinery projects. I also believe that other organisations with modular refinery licenses and other marginal field operators should take a cue from Waltersmith,” Lokpobiri said.

Also, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, expressed his delight at the participation of the local content body in the project through their 30 per cent equity interest.

“As you can see, we have produced almost 600 million litres of various products from this refinery; that translates to about 20 trucks load from this refinery on a daily basis and NCDMB is proud to be associated with the success story of the Waltersmith Refinery”, Wabote said.

The Managing Director/Chief Executive Officer of Bank of Industry (BOI), Olasupo Olusi, who was also present during the ministerial tour of the facility, hinted at the possibility of the BOI coming on board to be part of the Waltersmith’s Phase 2 Refinery project.

Olusi stated that the bank was open and committed to supporting the expansion plans of the facility.

Inaugurated on November 24, 2020, the 5,000bpd Phase 1 Waltersmith Refinery, according to the company, was created to tackle the increasing risks of crude oil theft in its upstream operations by providing an operational solution.

“Its primary goal is to increase the overall value of extracted crude oil by engaging in domestic refining, thereby ensuring a steady supply of petroleum products to the local market,” the company added.