(AGENDAWATCHDOG) – The ground-breaking of the proposed 200,000 barrels per day BUA Refinery will hold later this year, even as the BUA Group and Axens of France signed a progress acknowledgement statement on the project in Lagos.
According to the Chairman, BUA Group, Abdul Samad Rabiu, at a ceremony, the agreement for the design of the refinery was signed with Axens last year.
Rabi also revealed that Akwa Ibom was chosen as the location of the refinery due to its nearness to the source of the raw material, which will reduce the cost of transporting the stock, coupled with the fact that BUA has a jetty located there. This will make production and exportation of the company’s products easier.
He further disclosed that construction of the project will take between three to four years, though he refrained from stating the cost of the facility.