Indigenous oil company to invest $6bn in Nigeria’s oil, gas sector

More local investments are coming into the Nigerian oil and gas sector. One of such investor is Petrolex Ltd., which says it is bringing $6 billion into the downstream and upstream sectors.

Chairman of the company, Segun Adebutu, said this during a facility tour of the mega oil city in Ibefun, Ogun state, on Wednesday.

Adebutu, who spoke ahead of the inauguration of the company, noted that the amount would also make an impact in the power sector.

He said that the facility would host 250,000 barrels per day capacity refinery, estimated to cost $3.5 billion, a lube plant the cost of which was $8.5 million. Adebutu also said that the company had a tank farm of over 300 million litres capacity to turnover 600,000 million litres monthly.

According to him, the company has a gas processing plant to produce 50,000 Liquefied Petroleum Gas (LPG) cylinders.