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Monday, March 26, 2018
Petrolex Oil and Gas’ Chairman Segun Adebutu revealed plans by his firm to pump about $5 billion into the economy of Nigeria’s Ogun state. Petrolex will be constructing a mega oil city in the state.
Adebutu made this disclosure at the two-day Ogun State Investors Forum held in Abeokuta, the state capital. According to Adebutu, the first phase of the mega oil city, a 300 million-liter capacity tank farm was completed.
“Many people thought an oil and gas hub in Ogun State was farfetched and impossible,” Adebutu said. “On December 12, 2017, I declared that Ogun state is now home to the largest tank farm in Sub-Saharan Africa. But that is just Phase 1 of the project,” he added.
The next phase of the Petrolex Mega Oil City includes a 250,000 bpd refinery, a lube plant, gas bottling plant, and a fertilizer plant. The project will require investments of over $5 billion over the next five years. To date $330 million has been invested.
“This shows that Ogun-state is a front-burner in development, in everything, including oil and gas,” the chairman said.
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