BUA Refinery: Management Clarifies 90% Completion Reports, Makes Promises
- The BUA Group management has addressed reports suggesting its refinery project is 90% complete
- The 200,000 barrels per day refinery in Akwa Ibom is expected to bring competition to the Dangote, Port Harcourt, and Warri refineries
- Nigerians are hopeful that competition among the refineries will help bring down fuel prices at filling stations
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
BUA Refinery and Petrochemicals has clarified claims that its refinery project in Akwa Ibom is almost complete.
The company described reports (not from Legit.ng) that the refinery is 90% completed as misleading.
Source: Getty Images
In a statement shared on X, the company urged the public to disregard such claims, confirming that construction is progressing steadily and remains on track to meet its delivery timelines.
The statement read.
"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 company highlighted other ongoing initiatives, including constructing a mini-LNG plant and several hybrid power plants.
It added:
"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.
"The public is advised to verify any news through our official channels and platforms so as not to be misled by mischievous persons."
BUA $3.5 billion project
BUA further reiterated its commitment to transparency, referencing its track record of completing over 12 major industrial projects worth over $3.5 billion over the past decade, Punch reports.
The statement noted:
"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.
"We appreciate the public’s interest and enthusiasm for this transformative project as we work together in building a stronger industrial and manufacturing base for a self-reliant Nigeria."
NNPC replies to Obasanjo’s remarks on Warri, PH refineries
Ealier, Legit.ng reported that the NNPC limited has invited former President Olusegun Obasanjo to inspect Port Harcourt and Warri refineries.
The invitation follows Obasanjo's comments on the operations of the rehabilitated refinery, citing past challenges and continued reliance on private refineries like Dangote's.
The former president also stated that over two billion dollars have been spent on the refinery.
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Source: Legit.ng
