Petrolex To Invest $6Bn In Nigeria’s Oil And Gas Sector

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Yemisi Izuora

An Indigenous oil company, Petrolex has set aside $6 billion to enable it actualise a set objectives that will make impact in the downstream up to upstream sectors of the Nigerian oil and gas sector including powers sector.

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 and 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 a ordable as well as MarshalingYard, with 4,000 capacity trailer park in Ibefun would be located within the complex.

The Petrolex Mega Oil & Gas City is conceptualized to enjoy the distinction of housing some of the most advanced oil and gasinfrastructuresinAfrica.The first phase of the complex will comprise of the 300 million liters Ibefun Tank Farm, a residential quarters, army barracks, 30 loading gantries, and a 4,000 truck capacity trailer park with accommodation for drivers.

This legacy investment of over $330 million to date, as audited by PWC, will be the largest products storage tank farm in sub-Saharan Africa and will create at least 2,000 jobs.

As Adebutu claims; “Hopefully, by the time we’re done it will be at least 70/80 per cent indigenous. It will actually help the economy of the town itself. It’s not just about direct employment. We’re setting up a city here.”

Petrolex’s unique sustainability model includes a comprehensive environment conservation and reforestation programme and a successful host-community engagement framework while its corporate social investments continually add value to millions of lives creating over 10,000 new jobs expected to be created in the short term, both directly and indirectly.

With over 500 per cent improved throughput capacity for the distribution of petroleum products; approximately 70 per cent decongestion of the Apapa and Ibafon traffic eliminated.

With extensive social investment that will impact over two millions lives, Mr. Adebutu states that “’A New World of Possibilities’ aptly captures the ever-evolving spirit of Petrolex, as we will not relent until we see Nigeria transformed into an energy self- reliant nation in the immediate future.”

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