A progress acknowledgment statement has been signed between BUA Group and Axens of France for the former’s proposed 200,000 barrels per day refinery in Akwa Ibom State.
We understand that Nigeria has four refineries with a combined capacity of 445,000 barrels per day (bpd).
With a target of between three to four years for construction, the BUA Group has noted that the refinery is expected to be operational by 2024 all things being equal.
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Chairman of BUA Group, Abdul Samad Rabiu stated that the refinery, when fully operational, would reduce the huge cost of transporting crude oil offshore, refining it, and bringing it back into the country.
Rabiu added that the decision to site the refinery in Akwa Ibom – Southern Nigeria was strategic due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.
He added that the multi-billion-dollar integrated 200,000 bpd refinery and petrochemicals plant will be producing Euro-V fuels and Polypropylene for the domestic and regional markets.
BUA explained that Axens was selected, after a comprehensive process, for its advanced technology licenses, basic engineering, catalysts and adsorbents, proprietary equipment, training, and technical services.
The French President, Emmanuel Macron commended the Chairman of BUA Group, Rabiu, for his commitment to the development of lasting relationships between French and Nigerian businesses.
Represented by Franck Riester, the French Minister for Foreign Trade and Attractiveness, Marcon invited Abdul Samad to the “Choose France Summit” and said his administration is ever ready to support people-oriented and developmental projects in Nigeria.