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If construction activities go as planned, the 200,000 barrels per day BUA Petroleum Refinery will commence full commercial operation in 2024, after a groundbreaking ceremony billed for May this year.
Giving graphic details on the economics of Nigeria’s second largest petroleum refining complex in Lagos at the weekend, Executive Chairman of BUA Group, Abdul Samad Rabiu, said the project was initiated against the backdrop of the huge amount of foreign exchange the nation spends importing refined petroleum products into the country.
Rabiu who defended the sustainability of his Group’s investment in the various sectors of the economy, said the refinery project will meet the government’s economic diversification agenda in the long run, as new fuel standards continue to evolve in line with the climate crisis. He said the project is being constructed with the best of technology from Axens of France rated as one of the best in the world in petroleum refining industry and would enable the nation save huge amounts of foreign exchange in addition to creating thousands of jobs for the citizens. “Nigeria consumes over 50million liters of fuel daily and over 90 of that is imported with about 35 percent of the country’s scarce foreign currency spent on imported products.
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