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Petrolex Plans $3.6bn Oil Refinery For Ogun - Business - Nairaland

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Petrolex Plans $3.6bn Oil Refinery For Ogun by Truth234: 4:51am On Dec 07
Nigeria is set to get another new oil refinery as a government push to end fuel imports attracts investors to the industry.

Petrolex Oil & Gas Limited plans to build a $3.6bn plant with a capacity of 250,000 barrels a day, its Chief Executive Officer, Segun Adebutu, said in an interview with Bloomberg in Lagos. The closely held company is working on the “front-end engineering design” and will complete construction in 2021, he said.

Nigeria, Africa’s biggest oil-producing nation, doesn’t have adequate refining capacity and imports at least 70 percent of its needs. A government pledge to end such purchases in the next two years by building local capacity has lured investors, including Africa’s richest man, Aliko Dangote, who is constructing a 650,000-barrel-a-day refinery. Meanwhile Saipem SpA and other international companies are in talks to rehabilitate the country’s three existing plants.

Petrolex, whose CEO started an oil and fuel trading business about 12 years ago, has also built a storage tank farm and other mid-stream infrastructure for $330m, Adebutu said.

The inauguration of the tank farm and the start of the refinery construction, both at the same site in Ibefun, Ogun State, is planned for this month.

The tanks are connected to a pipeline at Mosimi, which will transport products around the country, according to the CEO, who sees a big market in Nigeria’s 180 million-strong population. Petrolex will finance the refinery project with loans from local and international lenders, as well as its own revenue, he said.

The company also plans a fertilizer plant and lubricants facility as well as a liquefied petroleum gas plant, Adebutu said.

Petrolex is targeting listing on the Nigerian Stock Exchange in the next 10 years to ensure the business outlives its owners and can fund future expansion, according to Adebutu.

“By the next five years, we would have achieved a significant amount of our ambition, then begin strategy talks with the stock exchange,” he added.

http://investorsking.com/petrolex-plans-3-6bn-oil-refinery-ogun/

5 Likes 1 Share

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by psalmhorah(m): 7:03am On Dec 07
wow..this is a very good development ..there shld be more refineries in Nigeria ..so as to eradicate unemployment amidst our engineers,,and others based in oil& gas industry...


FTC for the first time on Nairaland .
.

I dedicate this space to the people who are suffering from one illness or the other...I pray u become your normal self ..iJn

21 Likes

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by forayfleo(m): 7:03am On Dec 07
Good one
Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by merbenko(m): 7:04am On Dec 07
grin sad sad shocked This government promise to build each refinery every year Waiting for the third refinery to be completed next year

3 Likes

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by Sharon6(f): 7:04am On Dec 07
Good development. I hope they actualize it.




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Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by pointstores(m): 7:05am On Dec 07
Cool Ogun state is moveing

13 Likes

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by DoTheNeedful: 7:05am On Dec 07
People like this won't brag about developing SW or Lagos. Na 4 by 4 people no go let person hear word, grin, Shior!

54 Likes 5 Shares

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by OBAGADAFFI: 7:06am On Dec 07
grin
Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by stevezuks: 7:07am On Dec 07
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Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by Lummygold1: 7:07am On Dec 07
pointstores:
Cool Ogun state is moveing

Moveing? How?
Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by Adogleta(m): 7:08am On Dec 07
Ghen ghen!!

Hate them or love them, the South West is on a fast and furious upward move! shocked

26 Likes

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by Realdeals(m): 7:08am On Dec 07
Good news for Nigeria.
Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by opalu: 7:08am On Dec 07
Excellent

2 Likes

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by adem30: 7:09am On Dec 07
Ipob be like, Why not in Onitsha

25 Likes 2 Shares

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by GreatCracker: 7:10am On Dec 07
this would really be the greatest news for December if you ask me, and could really be the greatest achievement for 2021/2022.

good one there for the company, the highly industrialized Ogun state and Nigeria in particular.

14 Likes

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by wiringdpt(m): 7:10am On Dec 07
Them go soon turn am to ethnic war.
Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by Ayemileto(m): 7:11am On Dec 07
All this refineries are set to finish construction when other world countries have shifted to pure electricity. I think Europe will stop using petrol cars in 2025.


Abeg, What else can refinery be used for apart from refining oil?

1 Like

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by sholaball: 7:12am On Dec 07
South West is where d business is. So funny that no investor is willing to set up a refinery or even modular refinery in the yeast. Despite d abundant oil they supposedly claim they have,how many pple are going down der to hustle??. Dead region

24 Likes

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by blingxx(m): 7:12am On Dec 07
Southwest moving forward... While the others still claiming best as if na trophy

11 Likes

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by Bolustical: 7:13am On Dec 07
Development is neither by selling gala fanyogo, handkerchief nor spare parts.

It is rather a purposeful plan of making oneself self sustaining for the purpose of avoiding being a refugee in another man's land.

8 Likes 2 Shares

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by Bolustical: 7:13am On Dec 07
Anambra is far industrialised than Ogun State.

grin grin grin

4 Likes

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by Bolustical: 7:14am On Dec 07
By the time the refinery is completed, the South Westerners should be considered first for employment as there more than enough capable hands.

If there could be catchment area for admission and oil and gas scholarships, it should also apply to employment.

Before you say rubbish, go to Capital Oil, Young Shall Grow, Fidelity and Diamond Banks and see which tribe makes up the bulk of their workforce

10 Likes 1 Share

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by yeyerolling: 7:15am On Dec 07
psalmhorah:
wow..this is a very good development ..there shld be more refineries in Nigeria ..so as to eradicate unemployment amidst our engineers,,and others based in oil& gas industry...


FTC for the first time on Nairaland .
.

I dedicate this space to the people who are suffering from one illness or the other...I pray u become your normal self ..iJn
for ur mind. Na indians nd oyinbo dem go employ pass
Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by yeyerolling: 7:16am On Dec 07
Bad news for dangote. Nigga only thrives with monopoly
Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by BigBelleControl(m): 7:16am On Dec 07
bring it on.
Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by MrEdimulo82(m): 7:16am On Dec 07
If this is achieved I can see efforts by sincere Nigerians not politicians outmaneuvering the principle of docility employed by our political elite to frustrate our livelihood and our collective potential, we certainly can do more when these clogs are checkmate with sincere efforts of this kind. Kudos Nigeria.....Nigeria is blessed, Africa is blessed.
Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by seunadebisi(m): 7:17am On Dec 07
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Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by MrEdimulo82(m): 7:19am On Dec 07
yeyerolling:
for ur mind. Na indians nd oyinbo dem go employ pass

You have a problem wt ur own mind....pls do me a favor, fix it.

4 Likes

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by bsideboii(m): 7:19am On Dec 07
Good one from an indigenous firm.

1 Like

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by ovoP(m): 7:20am On Dec 07
Adogleta:
Ghen ghen!!

Hate them or love them, the South West is on a fast and furious upward move! shocked
bro Abeg let's nt always be tribalistic Abeg....... Do u even know how many refineries are in other region of the country?

3 Likes

Re: Petrolex Plans $3.6bn Oil Refinery For Ogun by emmabest2000(m): 7:22am On Dec 07
blingxx:
Southwest moving forward... While the others still claiming best as if na trophy


And Northerns receiving assorted favors from Bubu

9ja my kwontry

4 Likes 1 Share

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