Reason To Invest $6bn In Refinery, Power Plant, Others

An indigenous oil company, Petrolex said it would invest about $6 billion in the upstream by participating in the upcoming marginal field bid round, and in the midstream by building a gas lube plant and a refinery to penetrate the downstream sub sector as well as a power plant to fully concretize its vertical investment plan in the energy sector.

Refinery
Source: Leadership

This massive investment will make the company a one-stop energy provider not only in Nigeria but in the sub-Sahara Africa. Already, Petrolex has commenced the planning, design and development of the Petrolex Mega Oil City, located in Ibefun, Ogun State where it has acquired over 13,000 acres of prime land.

It is currently concluding the negotiation of another 12,000 acres, to make the Petrolex Oil City at 101 square kilometres, Africa’s largest petroleum products hub, with a size that is approximately 10 percent the size of Lagos state.

Chairman of the company, Segun Adebutu during a media facility tour of the Mega Oil City, ahead of its commissioning said, the facility will host a 250,000 barrels per day capacity refinery, estimated to cost $3.5 billion, a lube plant which a cost was put at $8.5 million.

Adebutu also said a tank farm with 300 million capacity to turnover 600,000 million litres/month and a Gas Processing Plant to produce 50,000 Liquefied Petroleum Gas (LPG) cylinders to make LPG gas more affordable as well as Marshaling Yard, with 4,000 capacity trailer park in Ibefun would be located within the complex.

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