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Tuesday, 14th March 2023

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Breaking News:
 * Alaafin of Oyo passes away at 83, after over 50 years on the throne

Business News  


EDO REFINERY ORDERS 150,000 BARRELS OF CRUDE FOR DOWNSTREAM OPERATIONS

By Michael Egbejule, Benin City
14 March 2023   |   3:04 am
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The Edo Refinery and Petrochemical Company Limited (ERPC) has placed an order
for the supply of 150,000 barrels of crude from Decklar Resources Inc and
Millennium Oil and Gas Company to meet the demand of its growing clientele
base...

Oil barrels

The Edo Refinery and Petrochemical Company Limited (ERPC) has placed an order
for the supply of 150,000 barrels of crude from Decklar Resources Inc and
Millennium Oil and Gas Company to meet the demand of its growing clientele base,
as demand for its products spikes in the downstream sector of Nigeria’s oil
industry.







The firm developed the refinery with support from the Governor Godwin
Obaseki-led state government through a Memorandum of Understanding (MoU). The
crude is sourced from Oza Oil Field, which is operated by Decklar Resources Inc
and Millennium Oil and Gas Company Limited.


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The Edo Refinery is a 6,000bpd capacity plant, which is being expanded to
21,000bpd. The facility with its feedstock can produce 50 per cent of diesel
(500,000 litres), 25 percent of naphtha (300,000 litres) and 20 percent of Low
Pour Fuel Oil (LPFO) (200,000) litres.

Chief Executive Officer (CEO) of Decklar Resources Inc., Sanmi Famuyide, in a
statement, said, “Decklar and Millennium are at an advanced stage of executing a
new 150,000 bbls crude oil sale and purchase agreement with ERPC, which is
expected to include terms for invoicing and payment after the delivery of each
cargo of 10,000 bbls of crude oil.”

He added: “We are very pleased that payments for the sale of crude oil from the
Oza field continue to be received. Deliveries to ERPC in Edo State are ongoing
on a consistent basis, and the anticipated doubling of the contracted truck
fleet is expected to enable the Company and our co-venturer Millennium to
increase the volume and consistency of deliveries of oil to market.

“The additional trucking capacity is also expected to create opportunities for
additional delivery of crude oil to other potential customers in the near term.”




IN THIS ARTICLE

 * Decklar Resources Inc
 * Edo Refinery
 * Millennium Oil and Gas Company



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