After Dangote, Another Nigerian Billionaire Builds New Refinery, More Materials Arrive From China

After Dangote, Another Nigerian Billionaire Builds New Refinery, More Materials Arrive From China

  • Nigerians will soon have another operational refinery, this time located in Akwa Ibom
  • The refinery project is set to be completed in 2024 and has received more construction materials from China
  • The refinery project is expected to have the capacity to refine 200,000 barrels of crude oil daily

A Chinese cargo ship, laden with a consignment of Akwa Ibom refinery project, has berthed in Calabar port in Cross River state.

The development is a significant milestone in the construction of a state-of-the-art refinery in Akwa Ibom state.

More refinery in Nigeria
More refineries to start working in Nigeria soon Photo credit: Pius Utomi Ekpei
Source: Getty Images

BusinessDay reports that two refinery projects are expected to be located in the state's Eket and Onna local government areas.

Nigerian billionaire builds refinery

One of the refineries is being promoted by the BUA Group of companies.

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The BUA refinery will have the capacity to produce 200,000 barrels of petroleum products per day, including Euro-V fuels, gasoline, diesel, jet fuel, LPG, and polypropylene for the domestic and regional markets.

In a statement captured by the Guardian, BUA Group Chairman and CEO Abdulsamad Rabiu, said that when completed, the refinery will help reduce Nigeria's dependence on imported fuels and petrochemicals.

His words:

"The refinery and petrochemicals project is in line with BUA’s vision to develop local capacity in key industries where we can add the most value and raw materials can be sourced locally. Once completed, this RFCC-based complex will produce high-quality gasoline, diesel, and jet fuel meeting Euro-V specifications for the Nigerian and larger regional markets."

According to Oil and Gas Journal, Rabiu promised in 2021 that the Akwa Ibom refinery will launch in 2024.

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Aliko Dangote speaks on refinery production date, discloses first target

Earlier, Legit.ng reported that Aliko Dangote confirmed that his 650,000-capacity refinery would be ready to pump the first refined petroleum products this December.

The billionaire also revealed that the initial target was to produce 350,000 barrels of refined petroleum products daily from the facility.

More details about the production schedule have been revealed, including when Nigerian markets can purchase products from the long-awaited refinery.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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