Page 13 - AfrOil Week 07 2021

AfrOil PROJECTS & COMPANIES AfrOil

Dangote Group had said last November that it Dangote refinery in the Lekki Free Zone near
still expected to bring the refinery on stream Lagos at a cost of around $15bn. When finished,
before the end of 2021. At that time, it stated that the plant will be the largest oil-processing facility
work on the facility was about 80% complete. in the country. It is expected to double Nigeria’s
The Nigerian company is building the fuel production capacity. ™

BUA Group sees Akwa Ibom

refinery finished in 2024

NIGERIA NIGERIA’S BUA Group has revealed that it He went on to say that the refinery project
expects to complete a refinery construction would benefit Nigeria by reducing dependence
project in Akwa Ibom State in 2024. on imported petroleum products. “Nigeria con-
Abdul Samad Rabiu, the executive chairman sumes over 50mn litres of fuel daily, and over
of the group, said last week that BUA intended [90mn litres] of that is imported, with about 35%
to hold a ground-breaking ceremony in May of the country’s scarce foreign currency spent on
to mark the start of construction work on the imported products,” he noted.
200,000 barrel per day (bpd) oil plant. The refin- Under these conditions, he said, BUA Group
ery will then be ready to launch commercial sees the refinery project as a “no-brainer” and
production in 2024, he stated. eminently feasible. Local and regional demand
He noted that the plant would be outfitted for petroleum products is strong enough to jus-
with extensive marine infrastructure in order to tify the construction of an oil-processing plant
facilitate deliveries of feedstock and loadings of of this size, he said. ™
refined fuels. These facilities will be built at the
same time as the plant and will support efforts
to supply petroleum products from the refinery
to local markets and nearby countries, he said.
BUA Group has already chosen a contractor
to build the refinery, he added, referring to an
agreement signed last September with Axens
(France). He described that deal as advanta-
geous for his company, saying that the French
company had been willing to accept less money
for the construction contract than it might have
demanded at a time of stronger global energy
demand.
“[Low] crude prices due to low demand
arising from the coronavirus [COVID-19] pan-
demic [offer] us [a] huge opportunity to invest
in projects that would help us conserve more
funds, leveraging the low-cost technology being
deployed by Axens of France,” Rabiu was quoted Abdul Samad Rabiu, the head of BUA Group (R), signed a deal with Axens CEO Jean
as saying by The Sun. Sentenac (L) on the refinery construction project last September (Photo: Axens)

Week 07 17•February•2021 www. NEWSBASE .com P13