The BUA Group has signed a memorandum of understanding (MoU) with Axens of France, for the construction of 10million tonnes per annum mega-refinery and petrochemical facility in Akwa-ibom State.
In a statement on Tuesday, the Group Head, Corporate Communications, BUA Group, O’tega Ogra, said the agreement was signed between 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 the statement, the 200,000 bpd integrated refinery and petrochemical plant aims at producing Euro-V fuels and Polypropylene for the domestic and regional market.
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“This 10million tonnes per annum refinery & petrochemicals project is in line with BUA’s vision to develop local capacity in key industries where we can add most value and where raw materials can be sourced locally.
“Once completed, this RFCC-based complex will produce high-quality gasoline, diesel, jet fuel meeting Euro-V specifications for the Nigerian market and the larger region.
“In addition, it will produce propylene, an essential component for the petrochemical industry used in polypropylene-based plastics and packaging.
“This project will help in reducing Nigeria’s dependence on imported fuels and petrochemicals,” the statement quoted BUA Group Chairman/CEO Abdul Samad Rabiu as saying during the ceremony.
“It is in the DNA of BUA Group to create efficient, innovative and sustainable businesses; look at our cement plants, the most sustainable in Nigeria, same with our sugar plants.”, Mr Rabiu added.
On his part, the Axens’ Chairman/CEO, Jean Sentenac, expressed his pleasure over the project, ensuring that his company would provide the most advanced technologies on the market that are energy-efficient.
“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 concur to develop Nigerian economy and ensure the success of this strategic state of the art project,” he said.