Construction of $3.6bn refinery begins in Ogun
The Chief executive officer of Petrolex oil and Gas, Mr. Segun Adebutu has said the construction of 25,000 barrel per day capacity refinery has started in Ibefun area of Odogbolu, Ogun State this month of December, 2017 and it will be completed in 2021.
According to Adebutu while speaking with Blomberg, the company planned to spend $3.6 billion on the construction, with a lube plant estimated to cost $8. 5m.
He said the company plans to inaugurate a storage-tank farm, other mid-stream infrastructure and the start refinery construction this December.
The tanks would be connected to a pipeline in Mosimi which will distribute products across the country.
The refinery project will be funded with loans from banks, international lenders and revenue from Petrolex.
The company also planned a fertilizer plant, lubricants facility and a liquefied petroleum gas plant.
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