Petrolex Oil & Gas Limited is planning to construct a $3.6bn refinery with a capacity of refining 250,000 barrels of oil a day, according to its CEO, Segun Adebutu.
He said the firm is working on the refinery’s “front-end engineering design” and will complete construction in 2021.
Petrolex is targeting listing on the Nigerian Stock Exchange in the next 10 years to ensure the business outlives its owners and can fund future expansion.
Nigeria, Africa’s biggest oil-producing nation, doesn’t have adequate refining capacity and imports at least 70 percent of its needs.
A government pledge to end such purchases in the next two years by building local capacity has lured investors, including Africa’s richest man, Aliko Dangote, who is constructing a 650,000-barrel-a-day refinery. Meanwhile Saipem SpA and other international companies are in talks to rehabilitate the country’s three existing plants.