Over $3 Billion dollars worth refinery is set to be built by petroleum marketers in Kogi and Bayelsa states.

According to the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN) Mr Chinedu Okoronkwo, about one thousand hectares of land had been approved for the project which is estimated to produce about 200,000 barrels of petrol per day when completed.

“Our N3 billion dollars refinery project would soon commence as we are discussing with our investors and technical partners.

“We are pursuing it very strongly because we believe in the success of the refinery. We bought 1,000 hectares of land in Kogi and Bayelsa, the states have been given approvals.

Once government approvals and consent have been given, we are ready to move to the site and commence production,” Okoronkwo said.

The project according to the National president should have started about two years ago, but a leadership tussle within thee association delayed the commencement of the project.

IPMAN says with the refinery in place, the cost of exporting crude oil and bringing back refined products will be reduced.