See another Nigerian refinery set to commence petrol production

• The Group President of Azikel Group, Azibapu Erunani, owner of Azikel Refinery, has highlighted the unique features of the facility
• Erunani said that the refinery, which is cited in Bayelsa State, is the first to  refine condensate in Sub-Saharan Africa
• Erunani added that the facility is worth over $850 million and has about 400 foreign and local employees.

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The President of Azikel Group, operators of the Azikel Modular Refinery in Bayelsa, Azibapu Erunani, has disclosed that the facility is unique as it is the only one in Sub-Saharan Africa to refine condensate in addition to petrol, diesel, and aviation fuel.

He disclosed this on Tuesday, October 8, 2024, when the Bayelsa State governor, Duoye Diri, visited the refinery complex in Yenogoa.

Another Nigerian refinery gears up for petrol production Credit: NurPhoto/Contributor
Source: Getty Images

The new refinery will add value to Nigeria’s crude

Erunani said the facility is worth over $850 million and has about 400 foreign and local employees.

He disclosed that one of the reasons he founded the refinery was to add value to the Nigerian crude oil, create jobs and industrialise Bayelsa.

Daily Trust reports that Erunani assured the state it would have products when the plant began operating.

The Azikel Group president appealed for a partnership with the state to dualise the road leading to the refinery, which would facilitate the transportation of refined petroleum products.

Azikel refinery first major project in Bayelsa

The Bayelsa governor earlier disclosed that the Erunani broke the jinx by establishing the facility, the first crude oil-related industry in the state.

Diri commended the Azikel Group boss, noting that enough crude oil in the state would reduce losses and other hurdles to the refinery’s smooth operations.

He also stated that the refinery had changed the status of the state in its industrialisation drive and that it met the dreams of its founding fathers.

South Korean group to build four refineries

The development comes as a consortium of South Korean investors has concluded plans to build four 100,000bpd-capacity refineries in various places in Nigeria.

The Nigerian government disclosed this on Tuesday, October 8, 2024.

Investors cleared to build four new oil plants

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this at the first edition of a summit by the Crude Oil Refineries Owners Association of Nigeria (CORAN) in Lagos.

The minister said the Nigerian government encourages investors to build refineries by providing a fair environment.

He noted that the approval was recently given to invite the consortium.

He disclosed that Nigeria recently approved a consortium of investors from South Korea, which plans to establish four refineries of the 100,000 barrels model in four locations in Nigeria.

Lokpobiri disclosed that the government adopted a public-private partnership model to encourage investment in the oil and gas sector's midstream and downstream segments.

Three refineries set to begin PMS production

Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC) may commence supplying crude oil in naira to the Dangote Petroleum Refinery this week following the Nigerian government's announcement that the naira-for-crude deal has begun.

The development comes as three more refineries are ready to begin petrol production.

The three refineries include the Aradel refinery in Rivers State, the Clairgold refinery and the Azikel refinery in Bayelsa State.

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Source: Legit.ng