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/

Good one

This government promise to build each refinery every year Waiting for the third refinery to be completed next year

Good development. I hope they actualize it.




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Cool Ogun state is moveing

People like this won't brag about developing SW or Lagos. Na 4 by 4 people no go let person hear word, , Shior!

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pointstores:
Cool Ogun state is moveing

Moveing? How?

Ghen ghen!!

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

Good news for Nigeria.

Excellent

Ipob be like, Why not in Onitsha

Them go soon turn am to ethnic war.

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?

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

Southwest moving forward... While the others still claiming best as if na trophy

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

Bad news for dangote. Nigga only thrives with monopoly

bring it on.

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.

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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.

Good one from an indigenous firm.

Adogleta:
Ghen ghen!!

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

bro Abeg let's nt always be tribalistic Abeg....... Do u even know how many refineries are in other region of the country?

blingxx:
Southwest moving forward... While the others still claiming best as if na trophy

And Northerns receiving assorted favors from Bubu

9ja my kwontry