BUA Group, a leading conglomerate, has signed an agreement with Axens of France for the supply of process technologies for its upcoming 10 million tonnes per annum refinery and petrochemicals facility in Akwa Ibom state.
The multi-billion-dollar integrated 200,000 bpd refinery and petrochemical plant aims at producing Euro-V fuels and Polypropylene for the domestic and regional market.
According to BUA, Axens was selected after a comprehensive process, for its advanced technology licenses, basic engineering, among others.
The pact was signed between the Chairman of BUA Group, Abdul Samad Rabiu, and the CEO of Axens, Jean Sentenac, in a ceremony presided over by France’s Minister Delegate for Foreign Trade and Economic Attractiveness, Franck Riester.
“This 10million tonnes per annum refinery & petrochemicals project is in line with BUA’s vision to develop local capacity in key industries where we can add more value and where raw materials can be sourced locally,” Rabiu said.
“It will produce propylene, an essential component for the petrochemical industry used in polypropylene-based plastics and packaging.
“This project will help in reducing Nigeria’s dependence on imported fuels and petrochemicals.”
Axens’ Chairman and CEO, Jean Sentenac said: “We are delighted to be part of this strategic project providing the most advanced technologies on the market that are energy-efficient and ensure the production of high-quality fuels and petrochemical intermediates.”