200,000 BPD Refinery To Commence Production In Akwa Ibom, 2024

The industrialization policy of Governor Udom Emmanuel is gathering steam with more investments berthing Akwa Ibom state through the foreign direct investment programme of the Administration.

 

The latest is the signing of a progress acknowledgment statement between BUA Group and Axens of France for the former’s proposed 200,000barrels per day refinery in Akwa Ibom State.

 

With a target of between three to four years for construction, the BUA Group has noted that the refinery is expected to be operational by 2024 all things being equal.

 

Speaking at the ceremony earlier this week, Chairman of BUA Group, Abdul Samad Rabiu stated that the refinery, when fully operational, would reduce the huge cost of transporting crude oil offshore, refining it and bringing it back into the country.

 

Rabiu added that the decision to site the refinery in Akwa Ibom – Southern Nigeria was strategic due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.

 

He added that the multi-billion-dollar integrated 200,000 bpd refinery and petrochemicals plant will be producing Euro-V fuels and Polypropylene for the domestic and regional markets.

 

BUA explained that Axens was selected, after a comprehensive process, for its advanced technology licenses, basic engineering, catalysts and adsorbents, proprietary equipment, training and technical services.

 

The French President, Emmanuel Macron  commended the Chairman of BUA Group, Rabiu, for his commitment to the development of lasting relationships between French and Nigerian businesses.

 

Represented by Franck Riester, the French Minister for Foreign Trade and Attractiveness, Marcon invited Abdul Samad to the “Choose France Summit” and said his administration is ever ready to support people-oriented and developmental projects in Nigeria.

 

“I am very pleased to see how committed Abdul Samad Rabiu is for the refinery and in the space of philanthropy,” Macron said.