More entrepreneurial moguls, another billionaire enters the arena of refinery business. Like business mogul, Aliko Dangote, he is making strides to transform Nigeria’s oil landscape. Let’s delve into the fascinating journey of this impressive tycoon.
And it’s this spirit of innovation that sets apart our billionaire buddy, who is not just following in the footsteps of Dangote, but carving out his own distinct path. To understand his triumph, we’ll shed some light on the following key aspects:
in Akwa Ibom, Nigeria.
Expected to be operational by 2024, this refinery project promises to boost Nigeria’s oil refining capacity with its ability to process 200,000 barrels of crude oil daily. Excitement heightens as crucial construction materials, shipped from China, have just arrived at the Calabar port in Cross River state.
This marks a significant turning point in the development of this 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.
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.
“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.