12 December 2017, Sweetcrude, Lagos – Vice President Yemi Osinbajo is expected to launch the 300-million litre capacity Petrolex Group’s fuel tank farm in Ibefun, Ogun State, today. It is the largest such facility in Sub-Saharan Africa.
The event will also attract other dignitaries, including former President Olusegun Obasanjo, Ogun State governor, Mr. Ibikunle Amosun; Minister of State for Petroleum Resources, Dr. Ibe Kachikwu; and Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru.
Also expected are senators and members of the House of Representatives, captains of industry, Sir Kesington Adebukunola Adebutu and His Royal Majesty Oba Gideon A.O Adetoye, the Liken of Ibefun.
The tank farm, sitting on the 101-square kilometre Petrolex Mega Oil City, which is about 10 per cent the size of Lagos, has 30 loading gantries.
With the new facility, Petrolex is poised to transform petroleum products storage and distribution in Nigeria, by catering for about 60 percent of the nation’s products need.
“As a solutions-driven company, we are positioned to drive increased efficiency and consistent value creation across the West African downstream oil and gas value chain through our strategic investments and the delivery of superior quality products and services.
“Working with our diverse stakeholders, the successful completion of the first phase of our mega oil city in Ibefun, Ogun State, Nigeria demonstrates our disciplined approach to project management and signposts our ability to execute large-scale energy development projects that will move the region forward,” Chairman and Chief Executive Officer of Petrolex Oil and Gas Limited, Mr. Segun Adebutu, said, ahead of the launching ceremony.
Adebutu, who said Petrolex is an integrated energy conglomerate that provides services that span across refining, storage, distribution and retailing of petroleum products, also spoke of plans by the company to build a 250,000 barrels per day refinery in the Petrolex Mega Oil City.
According to him, the refinery, which cost is budgeted at $3.5 billion, will be completed in 2021/2022. Adebutu also said the company planned to roll out 200 fuel stations across the country as well as enter the gas market.
In addition, he said, the company will also participate in the marginal fields bid rounds with its partners whenever the Federal government throws the process open.
Adebutu, who further disclosed that the company targets to create 10,000 jobs, stated that the location of the company’s tank farm and its mega oil city in Ogun State, was aimed at decongesting traffic at Ibafon and Apapa, Lagos, where the presence of most of Nigeria’s tank farms has created serious traffic gridlock with telling effects on activities at the nation’s premier port.
Indications are that the tank farm will reduce the traffic gridlock by 60 percent when it commences operations today.