Chinese firm Sino Arab Energy (SAE) and Nigerian company Osabo Refining and Petrochemical Industry Limited have concluded plans to build a refinery in Akabuyo, Local Government Area of Cross River State
Agreement for the construction of the US$7.5bn refinery, which is expected to produce 107,000bpd, has already been signed by the partnering firms.
Member of the management team of Osabo Refining, Etim Effiong Okon, said, “The process for the procurement of requisite licenses to establish and operate the refinery had fully commenced. The community where the refinery will be located has donated 500ha of land for the refinery.”
Okon added that the project partners will engage in the acquisition, exploration and development of oil blocks in the future, to complement refining operations. He further revealed that the partners will also engage in the development of independent power plant and production of natural gas and oil.
According to Okon, the refinery will be expected to begin production within five years and would generate more than 10,000 jobs.
“The refinery would be built with specifications that meet international standards. Its product base will include kerosene, jet fuel, diesel, gasoline, automotive gas oil, low pour fuel oil, high pour fuel oil, boat fuel, motor oil, lubricants, liquefied petroleum gas, LPG,” he noted.
