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NCDMB Targets $360m Annual Revenue From Partnerships

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Kesiye Wabote has said that the organization targets an annual turn-over of US$360m from its various partnerships in commercial ventures.

These ventures include the 5,000 barrels per day Waltersmith Modular Refinery in Ibigwe, Imo State and the 12,000bpd Azikel Hydroskimming Modular Refinery in Bayelsa State. Other partnerships include 400,000 units per day LPG Cylinders manufacturing plant at Polaku, Bayelsa state, a 168,000 metric tonne per annum loading and off-loading LPG terminal in Koko, Delta State and 48,000 liters per day facility in Port Harcourt, Rivers State for the production of base oil from used engine oil.

Wabote made the disclosure in Lagos at a recent capacity building workshop for members of the Senate Committee on Local Content and House of Representatives Committee on Nigerian Content Development and Monitoring.

The NCDMB boss, while delivering his paper on the “Implementation of Nigerian Content Act: the story so far,” noted that the implementation of the Act had resulted in the retention of about US$9bn annually from the average $20bn industry spend. He added that about 9 million man-hours had been achieved in training while indigenous players now own about 40 percent of marine vessels that operate in the oil and gas sector.

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Source: The Sun

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