Another oil and gas refinery has arrived in Akwa Ibiom State Nigeria aimed at adding to the boost of the existing refineries established in the country. It is the expectation of Nigerians and those in the oil and gas sector to see the completion of this particular refinery to add to the existing ones in the country.
9News Nigeria reports that the BUA Refinery is being built by a consortium of international contractors. And that it is expected to be completed and fully powered for production in the year 2025.
Project goals: The refinery will produce Euro-V standard gasoline, diesel, jet fuel, and polypropylene for the domestic and regional markets.
Location: The refinery is located in Akwa Ibom State, which is close to raw feedstocks and export routes.
Technology provider: Axens of France was selected as the technology provider for the refinery.
Construction: The refinery is being built by a consortium of international contractors.
Financing: The project is financed by a combination of debt and equity, with debt financing provided by international banks and equity financing provided by BUA Group and its partners.
The refinery’s success could help Nigeria reduce its refined petroleum imports and eventually become a net exporter of such products. It is projected to start production in 2025 as gathered by Newsmen.
-Princely Onyenwe reporting
