Midoil refinery project is set to reduce dependency on importation of refined products.
The downstream sector of the Oil and Gas industry is non-saturated. The existing Government Refineries can only cater for 10% of total consumption per day, therefore Midoil is set to capture the market by reducing fuel scarcity majorly in Lagos State and in general, the South-Western States in Nigeria.
The refinery site is far from the Niger-Delta region where fear of vandalism is rampant but is accessible to waterways where feedstock can reach the refinery unhindered and protected both onshore and offshore.
Midoil has an assurance of feedstock from NNPC & other nearby Oil fields and West African crude oil producing countries.
The financial analysis of the project indicates a favorable operating profit margin and Return on Investment.