The Export Import Bank of the United States (U.S. Ex-Im Bank) approved a Comprehensive Loan Guarantee of $10.3million to be combined with Primary Promoters’ Equity Contributions and Investment Capital to finance major components of U.S. and Nigerian costs for the construction of Phase 1 - 6,000BPD of the 12,000BPD Amakpe Crude Oil Refinery Project to be located at Eket, Akwa Ibom State of Nigeria.  UPS Capital Business Credit of Windsor, Connecticut, is providing related U.S. Loan, with supporting Nigerian Bank Guarantee issued by Sterling Bank, Plc. 

 

Site Construction Work commenced at the Project Site in July 2007 and the main Refinery Plants and Machinery are being fabricated at the facilities of Ventech Engineers International Corp. in Pasadena, Texas, and will be shipped in Modular forms for Assembly, Installation and Start-up Production by October 2008

The Export Import Bank of the United States (U.S. Ex-Im Bank) has approved a Loan Guarantee of $10,320,530 to finance major components of U.S. costs for the construction of Phase 1 (6,000BPD) of the 12,000BPD Amakpe Modular Crude Oil Refinery Project to be located at Eket, Akwa Ibom State of Nigeria. UPS Capital Business Credit of Hartford, Connecticut, would be providing related debt finance, with Bank Guarantees issued by NAL Bank, Plc., (Lead) and Co-Operative Development Bank, Plc.

Ventech Engineers International Corp., has completed the overall Project Engineering Design, which has been submitted and approved by the Nigerian Department of Petroleum Resources (DPR), including the entire Refinery inside Battery Limits to include a Desalter, Crude Distillation Unit, Power Generation and Supporting Equipment. Other designs and illustrations include Piping and Instrument Diagram, Refinery Plot Plan, Process Flow Diagram, Instrument One-One Line Drawing, Fire Protection System, Emissions System, and Material Balances. Other recent submissions to DPR include Process Configuration, PFD’s and P&ID’s, Process Description, Refinery Block Flow, Plot Plans, Heat and Material Balance, Equipment List, Equipment Testing and Applicable Codes, Building Drawings, QC Plan, Project Schedule, Meter Proving and Evacuation Procedure and Electrical One Line Drawings.

The main Refinery Plants and Machinery are being constructed at the facilities of Ventech Engineers International Corp. in Pasadena, Texas, and will be shipped in Modular forms for Assembly, Installation and Start-up at the Eket Project Site by January 2006. Ventech Engineers International Corp. has ordered P&M Components manufactured by other companies, including the Desalter Unit and Pre-Engineered Project Buildings, which the subcontractors have manufactured, awaiting shipment to Nigeria. Ventech Engineers International Corp. has also concluded design of the Refinery Outside Battery Limits, including Tank Farm, Waste Water System, Pipelines, Truck Loading and Unloading Racks, Flare Systems, etc. Soil Boring Information is being reviewed for Civil Works for the Inside and Outside Battery Limits of the Refinery Complex.

Ventech Engineers International Corp. has given a Seven-Year Manufacturer’s Performance Guarantee for the Refinery P&M to be supplied, including maintenance agreement for the period. Energy Management Corporation (EMC) of Houston, Texas, has also entered into an agreement to cooperate with Ventech Engineers International Corp. to operate and manage the Amakpe Refinery for seven years, using approximately 10 American Expatriate Staff and 150 – 250 local Nigerian workers.