BUA, French firm seal pact to build 200,000bpd refinery in Akwa Ibom
BUA Group yesterday signed an agreement with Axens of France for the supply of process technologies for its upcoming 10 million tonnes per annum mega refinery and petrochemicals facility to be sited in Akwa Ibom State, Nigeria.
The agreement was signed by the Chairman of BUA Group, Abdul Samad Rabiu, and the CEO of Axens, Jean Sentenac, in a ceremony presided over by France’s Minister Delegate for Foreign Trade and Economic Attractiveness, Franck Riester.
According to BUA, 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.
The refinery is expected to be operational by 2024 if things go as planned.
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: “This 10million tonnes per annum refinery and petrochemicals project are in line with BUA’s vision to develop local capacity in key industries where we can add 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 region markets.
“In addition, 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.”
“It is in the DNA of BUA Group to create efficient, innovative and sustainable businesses, like our cement plants, the most sustainable in Nigeria, and our sugar plants,” Rabiu added.
Axens’ Chairman and CEO Jean Sentenac said: “We are delighted to be part of this strategic project providing the most advanced technologies on the market that are energy-efficient and ensure the production of high-quality fuels and petrochemical intermediates.
“This state-of-the-art integrated complex will allow BUA Group to develop its refining and petrochemical capabilities in Nigeria and produce highly valuable products for the domestic market. It is a great pleasure and a pride to partner with them to develop the Nigerian economy and ensure the success of this strategic state-of-the-art project”.
The BUA project is coming at a time Dangote Group is ramping up its Lagos refinery project, expected to be operational by next year.
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