By ‘Dotun Akintomide
After building the largest tank farm in Sub-saharan Africa, Petrolex Oil and Gas has revealed plans by the firm to pump about $5 billion into the economy of Ogun State.
Petrolex will be constructing a 250,000 capacity refinery that would be housed by the mega oil city it is already building in the state.
The Chairman of the company, Mr. Segun Adebutu yesterday made this disclosure to journalists on the heels of the two-day Ogun State Investors’ Forum recently held in Abeokuta, the state capital.
According to Adebutu, the first phase of the mega oil city, a 300 million-liter capacity tank farm was completed.
“Many people thought an oil and gas hub in Ogun State was farfetched and impossible,” Adebutu said.
“On December 12, 2017, I declared that Ogun state is now home to the largest tank farm in Sub-Saharan Africa. But that is just Phase 1 of the project,” he added.
The next phase of the Petrolex Mega Oil City includes a 250,000 bpd refinery, a lube plant, gas bottling plant, and a fertilizer plant.
The project will require investments of over $5 billion over the next five years. To date $330 million has been invested.
“This shows that Ogun-state is a front-burner in development, in everything, including oil and gas,” the chairman said.
