About us

Established in 2014

Ireka Petroleum Refinery Limited, also called IPRL, is a Special Purpose Vehicle (SPV), duly registered in 2014 within the laws of the Federal Republic of Nigeria. The proposed aggregate production capacity stands at 300,000 barrels per stream day (bpsd) and consists of 200,000 BPSD Regular Refining Plant and 100, 000 barrels per day Modular Refining System duly phased in two modules of 50,000 barrels per day each.

Other key investment components of Ireka Refinery include a Petrochemical plant and Fertilizer production units, involving both organic and inorganic streams.

The strategic business chores of Ireka Refinery include crude oil refining, petro-chemicals and fertilizer production enterprises; including but not limited to marketing and distribution of petroleum products.

The project is located at Egbema, in Ohaji/Egbema Local Government Area Imo State, Nigeria. The refinery complex is situated within a free trade zone covering 30,000  Hectares of land area under acquisition from 13 indiginous autonomous communities in the local government.

The investment portfolio is projected in the region of US$15.0Bln (Fifteen Billion Dollars) and covers all the aforementioned investment components and other dimensions of physical development and working capital.

Brief About Us

Ireka Petroleum Refinery Limited, (hereinafter referred to ‘’IPRL’’), is a Special Purpose Vehicle (SPV), registered by and within the laws of Federal Republic of Nigeria with core chores in crude oil refining, petro-chemicals and fertilizer production enterprises; including but not limited to marketing and distribution of petroleum products.

Corporate Bullet Points

COMPANY NAME:

Ireka Petroleum Refinery Limited

  • R.C. NUMBER:

1148363

  • PROJECT SITE/ADDRESS:

Abara Community, Etche LGA, Near Port-
Harcourt, Rivers State of Nigeria

  • LAGOS OFFICE:

8 Alade Close, Off Adeniran Ogunsanya Str.
Suru-Lere, Lagos of Nigeria.

  • E-MAIL:

ireka.refinery@gmail.com

  • CORE VALUES:

The establishment and operation of a petroleum refinery enterprise with Petro-Chemical and fertilizer plants ( both Inorganic and Organic) and in due course, integrate unto crude oil exploration and to engage in all the businesses that are pertaining to or may be conveniently associated within the petroleum industry,
including manpower development, training and researches.

  • PLANT CAPACITY
    AND OTHER FEATURES:

The refining capacity projected is 300,000 BPSD + Petro-Chemical & Fertilizer Plants. Other prominent development features include a mixed use Staff Estate consisting of Twenty Five thousand (25,000) housing units, composite with all appertaining infrastructure and modern amenities, including independent power plant affording regular energy supply to commercial and business districts within the Estate.

  • PORJECT PHASING.
    IPRL is ideally phased.

The 1st phase consists of 20,000 Barrels Per Day Modular (Micro-Crude) Oil Refinery to be upgraded unto 100 Barrels in modular units while 200,000 Barrels Per Day capacity shall be regular type refinery.

  • SIZE OF LAND EARMARKED:

1,508 Hectares of landmass has been duly acquired on a free hold basis from host community.

  • INDIGENOUS PROMOTERS:

1. DUES LIMITED, Lead Local Promoters, represented by David O.Uwakwe
(Zim). Prominent amongst other key local promoters are Dr. Fred
Agbeyegbe(Esq, Nigerian), Arc. Saddiqui Mohammad Saad (Indian), Dr.
Lazarus W. Wanjuu (Nigerian), Chief Tony Obi (Nigerian) and others.

  • FOREIGN INVESTORS
    & FUNDING SOLUTIONS
    PROVIDERS:
  1. 1. EURODUES SWISS AG, Zurich, Switzerland, represented
    by David O. Uwakwe (Zim) & Engr. John Callanan (Irish).

    2. Gale Energy LLC, Philadelphia, U.S.A represented
    by Claudia Gale.

    3. FinancialBridge LLC/Techmodular LLC, Miami, FL. 331356
    USA, (in association with U.S. Ex-Im Bank); being
    Technical/Financial Partners-1st Phase.

    4. Trust Management Services Inc-Canada/T. Global
    Consulting And Engineering Group LLC, Boston,USA.
    S/N.3.0 Cont’d.

    S/N.3.0 Cont’d.
    5. European Economic Development Council (EEDC)
    Madrid, Spain.
  • MILESTONES ACHIEVED

Given the milestones already achieved to date, it is envisaged that
commencement of operations for the 1st phase of the project shall be well
achieved in the year 2020.
Milestones duly achieved stand as follows;

 

 

1) Freehold Land Offer from host community aimed at the acquisition of land area measuring about 900 hectares at Abara Etche near Port-Harcourt, Rivers State of Nigeria.

 

2) Appointed Project Advisory Board made up of industry experts with
requisite qualifications and desirable field experience.
S/N.3.0 Cont’

 

 

3) Production of comprehensive Local Feasibility Study Report with confirmable commitments toward the achievement of all Initial Project Development Details.

 

4) Executed Financial/Technical Services Agreement with FinancialBridge 

LLC /Techmodular LLC, leading to qualification of IPRL for obtainment of U.S
Commercial Trade Loan toward Turn-key development of the 1ST Phase; being
20,000 BPSD Micro Crude Oil Refinery.

 

5) Executed Project Funding Agreement with Gale Energy & Trust Management Services Inc-Canada/T. Global Consulting And Engineering Group LLC, Boston, USA for possible participation in Bank Managed Medium Term Note (MTN) Buy/Sell High Yield Structured Finance, leading up to comprehensive project funding programme.

 

6) Secured Offer for a US$500M Collateral; a triple rated Bank Guarantee from
European Economic Development Council (EEDC) in furtherance of IPRL
project funding efforts.

 

7) Obtained a Bridge Loan Facility in the sum of NGN40Bln (Forty Billion Naira) from Global Investment Group, Canada (GIGC), represented by TOENKO LIMITED and equally secured Indicative Offers from several Nigerian Banks for adequate securitization of the GIGC Bridge Loan as warranted to meet all local content obligations and funding conditions to trigger the disbursement of Total Investment Capital for the whole and entire project.

  • IPRL INVESTMENT PORTFOLIO,

The investment portfolio stands in the region of US$15.0Bln (Fifteen
Billion Dollars) and covers all investment components and all
dimensions of physical development, including infrastructure,
working capital and other related amenities.

 
IPRL project site covers a land area measuring total One Thousand,
Five Hundred and Eight (1,508) Hectares, including some 608
Hectares earmarked for Staff Housing Estate and animal husbandry
(Ranching Facility) to furnish raw materials for the Organic Fertilizer
project.

 
The project site and Staff Housing Estate are both conveniently
located at Abara-Etche LGA, within 20 minutes’ drive from Port
Harcourt city centre, Rivers State of Nigeria.

 
EMPLOYMENT CAPACITY .
The employment capacity of IPRL at full swing is estimated at about
Thirty Five Thousand (35,000) gainfully employed direct staff and
workers.

Mission

To establish and operate a unique and efficient community-oriented petroleum refinery enterprise defined by excellent environmental and social responsibility character geared toward active contribution to petroleum industry growth.

Vision

Deliberate stimulation of rapid African manpower development and active contribution toward the achievement of African industrial renaissance constitute the epicenter of the vision of IPRL.

Values

  • Integrity
  • Responsibility
  • Excellence
  • Knowledge Driven
  • Aptitude