BUA Group Ventures Into The Oil And Gas Business, Signs Deal With France's Axens For Construction Of 200,000 Barrels Per Day Refinery In Akwa Ibom
The BUA Group, has diversified its portfolio and is venturing into the oil and gas business.
It has just signed a deal with Axens, France’s largest hydrocarbons group, for the construction and licensing of key refinery technologies of a new refinery, with a capacity to produce 200,000 barrels per day (bpd), is expected to be operational in 2024. The contract that was signed between both parties in France yesterday
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Chairman of BUA Group, Mr. Abdulsamad Rabiu, who signed on behalf of the company, said the the project would be located in Akwa Ibom State.
Axens beat the US company, Honeywell UOP, which got through to the final round, according to sources close to the bid.
The new refinery project sets up a direct competition with Nigeria’s other large refinery project, piloted by the Dangote Group, which would be operational by 2021.
Photo > Courtesy Brand Spur