It's good to see BUA joining the party. I would also like to see the SS states build small modular refineries, the way Edo state has done. The more the merrier. Dangote should not be allowed to have a monopoly.

Zionmdde:

Am not blaming anybody. But I stand with the masses. My kids won't even have any business with this messed up system

Whatever rocks your boat.

There is nothing to condemn about 2 business men doing their business.

As for the second part, I have heard a discussion along these lines before. Dangote will often not go into any business without some form of feasibility study. Many of those studies are very expensive, but he says rather than gamble money building a business that may not work, the high cost of feasibility study is worth the expense. BUA guy on the other hand, assumes that if Dangote has done feasibility study, I will save my own cost of feasibility study and also build.
However the sky is big enough for all parties to thrive.

Also petrol is an international product, they can sell to any country or customer that comes to them.

grandstar:


As much as one will want to condemn Dangote, must this man enter any business Dangote puts his hands into?

If Dangote tomorrow sets up the largest pig farm in Lagos, I won't be surprised this man won't set up one in Ekiti , despite both being Muslims

My own be say I go buy all those dead and rusted refineries in the south

Astra101:
My own be say I go buy all those dead and rusted refineries in the south

Akwa ibom Greatest

Bua refinery is in akwaibom.

I expect it to be relatively more profitable than dangote's refinery per capital, all things being equal.

Has actual construction (civil works and other disciplines) on this project commenced yet?

justi40:
Baring any unforeseen developments in the local and international economy, the 200,000 barrels per day BUA Petroleum Refinery will commence full commercial operation in 2024, after a groundbreaking ceremony billed for May this year.
Giving graphic details on the economics of Nigeria’s second largest petroleum refining complex in Lagos at the weekend, Executive Chairman of BUA Group, Abdul Samad Rabiu, said the project was initiated against the backdrop of the huge amount of foreign exchange the nation spends importing refined petroleum products into the country.
Rabiu who defended the sustainability of his Group’s investment in the various sectors of the economy, said the refinery project will meet the government’s economic diversification agenda in the long run, as new fuel standards continue to evolve in line with the climate crisis.
He said the project is being constructed with the best of technology from Axens of France rated as one of the best in the world in petroleum refining industry and would enable the nation save huge amounts of foreign exchange in addition to creating thousands of jobs for the citizens.
“ Nigeria consumes over 50million liters of fuel daily and over 90 of that is imported with about 35 percent of the country’s scarce foreign currency spent on imported products. This, coupled with low crude prices due to low demand arising from the Coronavirus pandemic offers us huge opportunity to invest in projects that would help us conserve more funds, leveraging the low cost technology being deployed by Axens of France offering us far lower cost than what it should be.” He said
Rabiu further noted that the refinery’s complete marine infrastructure and nearness to its feedstock will enable it save more on haulage, as it targets local, regional and other land -locked markets in Africa, bolstered by its unique location and opportunities emerging from the AfCFTA.
According to him, the economics of the project are a ‘no-brainer’.
Contract for the construction of the refinery was signed in Paris between BUA Group Chairman Abdulsamad Rabiu, and the CEO of Axens, Jean Sentenac, in a ceremony presided over by France’s Minister Delegate for Foreign Trade and Economic Attractiveness, Franck Riester. While calling on the Federal Government to improve the nation’s operating environment through liberalization of cement production to enable more manufacturers take advantage of the new Africa Continental Free Trade Agreement (AfCFTA), to export more to an estimated 1.3billion people across the continent, Rabiu said the continental economic bloc remained a critical strategy to develop the nation’s manufacturing sector currently in comatose.

Is the refinery still billed to be opened by may this year? there have hardly been any journal report or photos from the site online or anywhere, and for the seaport that was billed to be constructed alongside the refinery, is it closer to completion as I'm aware work has been ongoing there for a little while now