The Nigerian Content Development and Monitoring Board (NCDMB) investment in Bunorr Integrated Energy Limited which would produce lube oil and other lubricants in-country, will begin operations this year, the board has said.
Speaking when he took some stakeholders on a tour of the base oil manufacturing plant located near Omagwa, Rivers State, General Manager, Corporate Communication and Zonal Coordination, NCDMB, Dr. Ginah Ginah, said that the project is one of the board’s flagship.
He explained that the tour of the board’s projects was conceived to enable critical stakeholders of the oil and gas industry to see the board’s projects and fully appreciate the achievements and the huge impact on the nation’s economy.
According to him, the board’s implementation of the Nigerian Content Act had ensured the increase of Nigerian content performance from 5 per cent in 2010 to its current level of 42 per cent.
In his remarks, the Founder and Chairman of the base oil plant, Dr. Mason Oghenejobo indicated that the oil and gas green energy company will be fully operational by the second quarter of the year.
He added that the NCDMB owns 45 per cent equity in the plant while its original founders have a 55 per cent stake, pointing out that the board was attracted to invest in the project because of the immense benefits of converting used oil to lubricants, which saves enormous capital flight.
In his comments, the Rivers State Commissioner of Information and Communications, Paulinus Nsirim, who spoke through his Permanent Secretary, Ibiware Clapton-Ogolo expressed satisfaction with the board’s commitment to supervise and monitor the project to completion.