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Three oil companies and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have signed a deal to build a new refinery in Akwa Ibom State.
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The refinery, which will have a capacity of 50,000 barrels per day, is expected to rival the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPC).
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The project is expected to take three to five years to complete, and the companies involved will provide the funding while the marketers will act as product off-takers.
In a bid to enhance refining capacity in Nigeria, petroleum marketers and three oil companies have partnered to establish a new refinery.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) signed a deal with Claridge Petroleum Company Limited and Oasis Petrochemical Products Limited for the facility, which will be located in Akwa Ibom State.
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According to PETROAN national president, Billy Gillis-Harry, the refinery will have a capacity of 50,000 barrels per day and will provide Nigerians with affordable fuel.
“The refinery will be located in Akwa Ibom State, and we have signed a deal with three other companies to fund the project,” Gillis-Harry stated.
The project is expected to take three to five years to complete, and the companies involved will provide the funding while the marketers will act as product off-takers.
Energy policy analyst, Adeola Yusuf, noted that Nigeria has insufficient refineries to serve its growing population.
Dangote Refinery Gulps 13% of Nigeria Crude Exports – Report
Dangote Refinery’s domestic supply consumption has increased Nigeria’s domestic share of oil exports from 2% in 2023 to 13% in 2024, according to a report by Kpler.
This development has reduced Nigeria’s exports to Europe, with the continent adding 162,000 barrels per day from Guyana and 60,000 barrels per day from the US.
