Port Harcourt — BUA Group has announced plans to build a refinery and petrochemical plant with the capacity of refining over 200,000barrels of crude oil per day, in Akwa Ibom State.
Already, a French firm, Axens, has been announced as a co-investor of the project.
Chairman, Bua Group, Abdulsamad Rabiu, while signing the agreement of the refinery with the CEO of Axens, Jean Sentenac, recently, regretted that Nigeria imports over 90percent of her petroleum products.
“Nigeria imports 90Percent of its petroleum products. We spend 35percent of our foreign exchange on importing petroleum products,” Rabiu said.
Axens, according to Bloomberg operates as a petroleum refinery.
The company offers applications such as sweetening, reforming, catalytic cracking, liquefaction, purification, revamping, drying, air separation, water treatment, and thermal processes for petrochemical intermediates, as well as licensing, engineering, designing, manufacturing, and selling service.