Petrolex Oil and Gas Limited says it has perfected plans to set up a $3.6 billion oil refinery with the capacity of refining 250, 000 barrel per day in Ogun state to curtail the continued importation of refined oil. The Chief Executive Officer of the company, Segun Adebutu stated this on Wednesday in an interview with Bloomberg in Lagos. He disclosed that the company was working on the 'front-end engineering design' and would complete the construction work in 2021.
Adebutu further said the refinery which will be cited in Ibefun area of Ogun state would be inaugurated before January. He added that the refinery will be connected to pipelines in Mosimi from where the refined products would be distributed to the whole country.
Funds for the construction of the refinery according to him would be sourced from local and international lenders.
Meanwhile, the company says fertilizer plant, Liquefied Petroleum plant and lubricants facilities would also be constructed at the site.
