Continental Focus, International Reach

Petrolex Has Funds for Mega Oil City

Thursday, December 7, 2017

Nigerian indigenous firm Petrolex Ltd. says it has set aside $6 billion to enable it to make an entrance into the country’s downstream and upstream sectors. Segun Adebutu, chairman of the company,revealed the news during a facility tour of the mega oil city in Ibefun, Ogun.Adebutu also revealed that the funds would also be used in the power sector.

During the tour of the facility the chairman said that facility would host a 250,000 bpd refinery and a lube plant.
Adebutu also said that the company had a tank farm of over 300 million liters capacity to turnover 600,000 million liters monthly. Petrolex also has a gas processing plant capable of producing 50,000 LPG cylinders.

The Petrolex mega oil and gas city is conceptualized to enjoy the distinction of housing some of the most advanced oil and gas infrastructure in Africa, according to Adebutu.

“The first phase of the complex will comprise of the 300 million litersmIbefun tank farm, 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 product storage tank farm in sub-Saharan Africa and will create at least 2,000 jobs.

“This massive investment will make the company a one-stop energy provider not only in Nigeria but also in sub-Sahara Africa,’’ he said, according to a NAN report.