The rivalry between Aliko Dangote, Chairman, Dangote Group, and Abdulsamad Rabiu,
Group Chairman/CEO, BUA Group, has yielded another refinery being proposed for construction in Akwa Ibom State.
For years, the duo have fought fiercely to establish which, between Dangote Group and BUA Group, controls both the sugar and cement sectors of the Nigerian economy.
But it appears the rivalry is fast playing out to the advantage of Nigerians and the economy, as two new refineries are expected on stream on the heels of the expected commencement of operations at the 650,000 barrels per day capacity Dangote Refinery in Lagos in the first quarter of 2024.
The two new refineries are being proposed for two locations in Eket and Onna local government areas in the South-South state of Akwa Ibom.
The construction of one of the refineries is an initiative of another Nigerian Billionaire and Chairman/CEO, BUA Group, Abdulsamad Rabiu.
It is not clear yet who is behind the other refinery project.
Construction work on the 200,000 barrels per day capacity refinery has since commenced, with additional consignment of materials imported from China arriving the country last weekend, so ahead of the scheduled completion date later in 2024.
A Chinese cargo ship conveying a consignment of construction equipment and other materials for the new Akwa Ibom refinery project, berthed at the Calabar Port in Cross River state last weekend.
“This is a significant development and a major milestone towards the construction of a state-of-the-art BUA Group refinery in Akwa Ibom state,” an official at the Calabar Port said.
The official said on completion, the BUA refinery would have the capacity to produce not only about 200,000 barrels per day of premium motor spirit (PMS), popularly called petrol, but also a variety of other petroleum products, including Euro-V fuels, automated gas oil (Ago), commonly called diesel, jet A1 fuel, liquefied petroleum gas (LPG), or cooking gas, and polypropylene for manufacturing of plastic materials for the domestic and regional markets.
The Chairman/CEO of BUA Group, Abdulsamad Rabiu, was quoted to have said that when completed the refinery would contribute significantly to the effort to reduce Nigeria’s dependence on imported petroleum and Petrochemicals products.
“The refinery and petrochemicals project is in line with BUA Group’s vision to develop local capacity in key sectors of the nation’s economy where we can add the most value and where the raw materials can be sourced locally.
“Once completed, this RFCC-based complex will produce high-quality gasoline, diesel, and jet fuel meeting Euro-V specifications for the Nigerian and larger regional markets,” he said.
Rabiu said the refinery project, which was conceived since 2021 for location in Akwa Ibom, would be completed sometime in 2024.
