The management of BUA Group has categorically denied reports that its 200,000 barrels-per-day refinery and petrochemical project in Akwa Ibom State is 90% complete.
In a statement, the company clarified that while construction is advancing steadily, the project is not yet near the alleged milestone. The company remains committed to achieving its completion timeline and contributing significantly to Nigeria’s refining capacity and energy security.
The misleading report had sparked public interest, prompting BUA Group to issue a statement advising stakeholders to disregard the claim.
“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.”
BUA Group
The company emphasized its commitment to transparency and accurate communication about its projects, urging the public to rely only on official updates.
While the refinery is not yet near completion, BUA Group reported that construction is on track to meet the delivery timeline. The project, which is expected to be operational by the end of 2025, represents a significant milestone in Nigeria’s drive toward self-reliance in refining capacity.
Upon completion, the refinery will produce key petroleum products, including gasoline, diesel, jet fuel, and propylene, a critical component in the petrochemical industry.
The Akwa Ibom refinery is part of a broader strategy to reduce Nigeria’s dependence on imported petroleum products. With the country’s refining capacity currently insufficient to meet domestic demand, the completion of private refineries like BUA’s and Dangote’s is anticipated to transform the energy landscape.
The BUA Refinery and Petrochemicals project, once completed, will join a growing list of private refineries aiming to bridge Nigeria’s significant gap in refining capacity.
The most prominent among these is the Dangote Refinery, located in the Lekki Free Trade Zone, which boasts the highest refining capacity in Africa.
Together, these projects are poised to reduce Nigeria’s reliance on imported fuels, lower costs for consumers, and improve the country’s trade balance. The Nigerian government has also introduced policies to encourage investment in the refining sector.
Expanding Energy Projects
In addition to the refinery project, BUA Group is making strides in other energy initiatives. These projects are expected to augment the company’s already substantial power generation capacity, which exceeds 1,000 megawatts.
“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.”
BUA Group
BUA Group reaffirmed its commitment to transparency and excellence, stressing the importance of accurate information in fostering trust and collaboration with the public.
Over the past decade, the company has successfully completed 12 major industrial projects worth more than $3.5 billion. As milestones are achieved in the Akwa Ibom refinery project, BUA pledged to provide timely updates through its official channels.
Once operational, the BUA refinery will produce a range of petroleum products to meet domestic and regional demands. The refinery’s production is expected to complement national supply, alleviating pressure on imports and fostering industrial growth in related sectors.
BUA Group’s clarification regarding the status of its Akwa Ibom refinery underscores the importance of accurate reporting and the need for stakeholders to rely on verified information.
While the refinery is not yet near completion, the company’s ongoing efforts to meet its delivery timeline highlight its commitment to strengthening Nigeria’s energy security.
As the BUA refinery progresses alongside other private and government-led initiatives, Nigeria’s refining sector stands at the threshold of transformation.
The successful execution of these projects will be critical in achieving energy self-sufficiency, reducing environmental impacts, and driving economic growth in Africa’s largest economy.
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