A 250,000 barrel refinery is to be located in Ogun state as part of moves by the private investors to reduce Nigeria’s dependence in imported petroleum products
The construction of the $3.6 billion refinery, which is being financed by Petrolex Oil and Gas, will begin before the New Year.
The company’s Chief Executive Officer, Segun Adebutu, said the plant which will become operational in 2021, will include fertilizer and lubricant plants, as well as Liquified Natural Gas plant.
He explained that this month, the construction of a storage tank farm and other midstream infrastructure will begin at the same site in Ibefun, Ogun State.
Adebutu said the project is being financed with revenue from the company as well as from banks.