ENI Completes Site Selection for New Refinery in Nigeria

By Obafemi OredeinFeaturesDow Jones Newswires

IBADAN, Nigeria--Italian oil company ENI SpA (ENI.MI) has carried out a feasibility study and completed site selection for a new refinery in Nigeria with a capacity of up to 150,000 barrels a day, Antonio Vella, its chief upstream officer, said Friday.

Speaking during a meeting with Nigerian President Muhammadu Buhari, Mr. Vella said: "Site selection has been completed, and 50 new graduates have already arrived in Italy for training that will last seven months."

Continue Reading Below

Mr. Vella said ENI has presented a technical proposal to the Nigerian National Petroleum Corp. to rehabilitate the Port Harcourt refinery in southeast Nigeria and build a new one, according to a statement from Mr. Buhari's office.

"There are other upstream initiatives and a deep-water project, with estimated expenditure of $13 billion," Mr. Vella said.

He said ENI also plans to double the power-generation capacity of its plant in the country's Niger Delta region to 1,000 megawatts, spending $750 million in the process.

Write to Obafemi Oredein at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

January 26, 2018 10:50 ET (15:50 GMT)