March 3, 2024
#African News #News

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.



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.


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.





Leave a Reply