An indigenous oil company, Petrolex, says it has set aside $6 billion to enable it to make an impact in the downstream and upstream sectors of the Nigerian oil and gas sector, Nigerian media reported on December 6, 2017.
Segun Adebutu, CEO of the company said this during a facility tour of the oil city in Ibefun. Adebutu, who spoke ahead of the inauguration of the company, noted that the amount would also make an impact in the power sector.
He said that the facility would host 250,000 bpd capacity refinery, estimated to cost $3.5 billion, a lube plant the cost of which was $8.5 million.
Adebutu also said that the company had a tank farm of over 300 million litres capacity to turnover 600,000 million litres monthly.
According to him, the company has a gas processing plant to produce 50,000 Liquefied Petroleum Gas cylinders.
The Petrolex mega oil and gas city is conceptualised to enjoy the distinction of housing some of the most advanced oil and gas infrastructure in Africa.
«This massive investment will make the company a 1-stop energy provider not only in Nigeria but also in the sub-Sahara Africa,» he said.
The CEO said that Petrolex Group had commenced the planning, design and development of the Petrolex mega oil city located in Ibefun, where it had acquired over 13,000 acres of prime land.