BUA Group plans to build 200,000 bpd capacity refinery in Akwa Ibom
BUA Group, majorly owned by billionaire Abdul Isyaku Rabiu plans to construct a 200,000 barrel per day (bpd) refinery and petrochemicals plant in Akwa Ibom, the French company that won the contract for the project said on Tuesday.
France’s Axens said in a statement that it has been selected for the multibillion-dollar Petrochemicals and Refinery plant in Nigeria.
This announcement is coming on the heel of a statement by the Department of Petroleum Resources (DPR) that with five built refinery plants across the country and seven in the making, Nigeria will be a net exporter of petroleum products in the next two years.
Axens, which makes systems to convert oil and biomass to cleaner fuels, said it will provide technology for the greenfield project designed to produce Euro-V fuels and polypropylene targeted at domestic and regional markets.
Nigeria, Africa’s top oil exporter, aims to become a net exporter of gasoline and other petroleum products over the next two years as refinery projects in the West African country come on stream, the industry regulator said on Tuesday.
“This large complex will help in reducing Nigeria’s dependence on imported fuels and petrochemicals,” said BUA, which also has interests in cement, food and mining.
The BUA project will be located in Nigeria’s oil-producing region of Akwa-Ibom state, the statement said.
The ongoing construction work on Dangote Refinery 650,000 bpd capacity plant, owned by Africa’s richest man, Aliko Dangote, is expected to be ready by end of 2021, according to the latest projection.