The management of BUA Group has dismissed reports suggesting that its refinery under construction has reached 90% completion, describing the claims as misleading and inaccurate.
In a statement released on Sunday, the company clarified that the refinery, located in Akwa Ibom, is progressing steadily but is far from completion.
BUA emphasized that reports claiming the 200,000 barrels per day (bpd) petrochemical plant is nearing operational status are false. The company urged the public to rely solely on official channels for accurate updates.
“Contrary to a misleading report stating that our 200,000 barrels/day refinery is at 90% completion, BUA wishes to advise the public to disregard such misleading reports that did not emanate from us.
“As we make remarkable strides on our Akwa Ibom refinery project, we are proud to share that construction is progressing steadily. Whilst the refinery is not at 90% completion, we are however on track to meet our delivery timelines in collaboration with our partners. This BUA Refinery & Petrochemicals project represents a major milestone in strengthening Nigeria’s refining capacity and energy security.
“The public is advised to verify any news through our official channels and platforms so as not to be misled by mischievous persons,” BUA stated.
Updates on other energy projects
Addressing other energy initiatives, BUA Group noted that its mini-LNG plants and hybrid power projects are also under construction and have yet to be completed.
The company highlighted its commitment to enhancing Nigeria’s energy landscape through several projects aimed at increasing power generation capacity.
“Our other energy projects, including the construction of a mini-LNG plant and several new hybrid power plants across the country to add additional capacity to our over 1,000MW installed captive power generation capacity, are also progressing rapidly.
“At BUA, we remain committed to transparency and excellence. As we have consistently done with over 12 of our completed mega industrial projects worth over $3.5 billion in the past 10 years, we will continue to keep you updated with verifiable and accurate information only where necessary, and as milestones are achieved,” the statement read.
Refineries in Nigeria
The BUA refinery, located in Nigeria’s South-South region, is a private-sector-led project with a capacity of 200,000 barrels per day. First announced in September 2020, the refinery is expected to bolster the country’s energy security upon completion.
It is projected to produce gasoline, diesel, and jet fuel meeting Euro-V specifications, catering to both Nigerian and wider African markets.
Currently, about 80% of refined petroleum products consumed in Nigeria are imported, placing significant pressure on foreign exchange and the nation’s current account balance. This dependency is due to underinvestment and poor maintenance of Nigeria’s refineries over the years.
The commissioning of the Dangote refinery, alongside the anticipated rehabilitation of the state-owned Port Harcourt and Warri refineries, is expected to reshape Nigeria’s refining sector by 2025.
