An indigenous oil company, Petrolex has set aside $6 billion to enable it actualize a set of objectives that will make impacts in the downstream as well as upstream sectors of the Nigerian oil and gas sector including the power sector, Oriental News reports.
This massive investment will make the company a one stop energy provider not only in Nigeria but in sub Saharan Africa. Already Petrolex has commenced the planning, design and development of the Petrolex Mega Oil City, located in Ibefun, Ogun state where it has acquired over 13,000 acres of prime land and is currently concluding the negotiation of another 12,000 acres, to make the Mega Oil City at 101 square kilometres, Africa’s largest petroleum products hub, with a size that is approximately 10% the size of Lagos state.
Chairman of the company, Segun Adebutu during a tour of the Mega Oil City, ahead of its commissioning, said the facility will host a 250,000 barrels per day capacity refinery, estimated to cost $3.5 billion as well as a lube plant estimated to cost $8.5 million.
Adebutu said a tank farm with a capacity to turnover 600 million litres/month, a gas processing plant to produce 50,000 Liquefied Petroleum Gas (LPG) cylinders as well as a marshaling yard along with a 4,000 capacity trailer park would also be located within the complex.