The Nigerian Content Development and Monitoring Board, NCDMB, yesterday, disclosed that in partnership with Waltersmith Petroleum Oil Limited, they would assist Equatorial Guinea in developing modular refineries in the central African nation.
In a statement in Abuja, the NCDMB stated that the building of modular refineries in Equatorial Guinea would enable the country process some of its crude oil and derive increased value from the hydrocarbon resources.
According to the NCDMB, the bi-lateral cooperation was confirmed weekend, after the Executive Secretary of NCDMB, Engr. Simbi Wabote and Chairman Waltersmith, Mr. Abdulrazaq Isah hosted the Minister of Mines and Hydrocarbons, Equatorial Guinea, His Excellency Gabriel Mbaga Obiang Lima at the 5,000 barrels a day Waltersmith modular refinery being developed at Ibigwe in Imo State, with 30 percent equity investment from the NCDMB.
Speaking on the partnership, Wabote described the cooperation between Nigeria and Equatorial Guinea as a perfect example of the benefits of the recently signed Africa Continental Free Trade Agreement (AfCTA), which encourages African countries to trade and cooperate among themselves.