With 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, the Group has expressed optimism about completing the project before 2025.
With a target of between three to four years for construction, the firm noted that the refinery is expected to be operational by 2024 all things being equal.
This comes as the French President, Emmanuel Macron, has commended the Chairman of BUA Group, Abdul Samad 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. Speaking at the ceremony yesterday, 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.
BUA Group Chairman and CEO, Abdul Rabiu, said: “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.
“Also, it will produce propylene, an essential component for the petrochemicals industry used in polypropylene-based plastics and packaging. This project will help in reducing Nigeria’s dependence on imported fuels and petrochemicals.”
Riester, during a visit to the BUA Group office in Lagos, where he handed over a personal invitation from President Macron to Abdul Samad Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa, acknowledged that the project is advancing on schedule.
Source: Guardian
