Petrolex to Invest $5bn in 250,000bpd Refinery

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An indigenous midstream and downstream player in Nigeria’s oil and gas sector, Petrolex, has inaugurated Wood Mackenzie and Fooster Wheeler to conduct studies for the construction of 250,000 barrels per day refinery at the Petrolex Mega Energy City in Ibafon area of Ogun State.

Speaking to journalists ahead of next week’s inauguration of sub-Saharan Africa’s largest tank farm built in Ibafon by Petrolex, the Chairman of the company, Mr. Segun Adebutu said the proposed refinery would cost $3.5 billion, while the supporting structures would gulp $1.5 billion, including the $8.5 million lube plants.

He disclosed that the refinery would be the 74th largest among the 5,000 listed refineries in the world.

Adebutu said over the next 10-15 years, his company would invest between $5 billion…

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