06 December 2017, Sweetcrude, Lagos – Integrated energy conglomerate, Petrolex Oil and Gas Limited, is set to commission a 300-million litre capacity tank farm in Ibefun, Ogun State. The facility, the largest in the country, will be commissioned on December 12.
The event will attract several 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, among others.
Speaking ahead of the commissioning, Managing Director of the company, Mr. Segun Adebutu, said the tank farm had 30 loading gantries and sits on the 101-square kilometre Petrolex Mega Oil City, which is about 10 per cent the size of Lagos.
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.