25 C
Lagos
Wednesday, September 30, 2020
- Advertisement -

BUA Signs Refinery Deal With Axens

Opinion

Development of Nigeria’s Digital Economy Anchored on Eight Pillars – A Speech by Isa Patanmi

I am highly delighted to launch the Digital Nigeria Portal and Mobile App as part of the implementation of our National Digital...

Why I Made TIME100 Most Influential People of 2020

Not every day do you wake up to this —honoured to be named to the 2020 Time100 from TIME. This has been...

Subsidizing the Naira Blocks Nigeria’s Economic Takeoff By Kingsley Moghalu

The Naira should be floated to find its exchange rate value on the market if Nigeria’s economy is to become productive, instead...

Africa, AfCFTA, The Private Sector and The Way Forward By Abdul Samad Rabiu

I start by congratulating African leaders on the opening of the AfCFTA secretariat last month. I believe the secretariat will further help...

BUA Group, the Nigerian industrial giant that has vast interests in mining, food processing and construction, has inked a definitive agreement with Axens of France for the supply of process technologies for its planned 10 million tonnes per annum megarefinery and petrochemicals facility in Akwa Ibom, Nigeria.

This multibillion dollar integrated 200,000 barrels per day refinery and petrochemical plant intends to produce Euro-V fuels and polypropylene for the domestic and regional market. 

BUA says that Axens was specifically selected because of its ability to offer advanced technology licenses, basic engineering processes, proprietary equipment, training and technical services.


The agreement was signed between the Chairman of BUA Group, Abdul Samad Rabiu, and the CEO of Axens, Jean Sentenac, in a ceremony presided over by France’s Minister Delegate for Foreign Trade and Economic Attractiveness, Franck Riester.

BUA Group Chairman and CEO, Abdul Samad Rabiu said that the “10 million tonnes per annum refinery and petrochemicals project is in line with BUA’s vision to develop local capacity in key industries where we can add most value and where raw materials can be sourced locally.”

“Once completed, this RFCC-based complex will produce high-quality gasoline, diesel, jet fuel meeting Euro-V specifications for the Nigerian market and the larger region. In addition, it will produce propylene, an essential component for the petrochemical industry used in polypropylene-based plastics and packaging. This project will help in reducing Nigeria’s dependence on imported fuels and petrochemicals.”


“It is in the DNA of BUA Group to create efficient, innovative and sustainable businesses; look at our cement plants, the most sustainable in Nigeria, same with our sugar plants.”


Axens’ Chairman and CEO Jean Sentenac said: “We are delighted to be part of this strategic project providing the most advanced technologies in the market that are energy-efficient and ensure the production of high-quality fuels and petrochemical intermediates.

This state-of-the-art integrated complex will allow BUA Group to develop its refining and petrochemical capabilities in Nigeria and produce highly valuable products for the domestic market. It is a great pleasure and a pride to partner with them to concur to develop Nigerian economy and ensure the success of this strategic state of art process.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Akeem Lawal

Mr Akeem Lawal is a pioneering member of the Interswitch management team and is the current Divisional Chief Executive officer of Payments...

Ahmed Rady

Ahmed Rady is a managing director at Alta Semper Capital. He joined Alta Semper in 2018 as a Director. He brings more...

Olufunke Aiyepola

Olufunke Aiyepola is the chief executive of UTL Trust Management Services Limited. She studied Law at the University of Ife (now Obafemi...

Edefe Ojomo

Edefe Ojomo is a lecturer in the Department of Jurisprudence and International Law at the University of Lagos, Nigeria. She has a...

Afsane Jetha

Afsane Jetha is the Managing Partner and CEO of Alta Semper Capital, which she co-founded in 2015 alongside Ronald Lauder (Chairman of...