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BUA, French firm sign agreement on 200,000bpd Akwa Ibom refinery

BUA Group and a French company, Axen have signed a progress acknowledgement statement for the construction of 200,000 barrels per day refinery sited in Akwa Ibom.

This is coming even as the French President, Emmanuel Macron, through the French Minister for Trade and Economic Attractiveness, Franck Riester, commended the chairman of BUA Group, Abdul Samad Rabiu for his commitment to developing lasting relationships between French and Nigerian businesses.

The French minister who witnessed the signing of the  progress acknowledgement statement, also announced that the Chairman of BUA Group had been appointed Chairman of the France Nigeria Investment Club.

Speaking during the ceremony,  BUA chairman  thanked the minister and President Macron for their unwavering support in bringing BUA and French businesses together. He further added that so far, BUA had initiated partnerships and have developed personal relationships with a few French businesses, including Axens, and expressed confidence in the quality of expertise and technical know-how of the French companies BUA has partnered with.

The BUA boss also stated that Nigeria imports most of its crude oil consumed daily and  noted that BUA Refinery, when fully operational, will reduce the huge cost transporting crude oil offshore, refining it, and bringing it back into the country.

Rabiu added that the decision to site the refinery in Akwa Ibom, Southern Nigeria was strategic due to huge availability of raw materials and its proximity to export petroleum products to regional countries.

In his response, Jean Sentenac, President of Axens expressed happiness that the project was advancing on schedule. He also praised the very good cooperation between all the involved parties and reiterated the commitment of Axens to delivering the BUA Refinery Project on time and with the highest standards.

Represented by Franck Riester, the French Minister for Foreign Trade and Attractiveness, Macron invited Abdul Samad to the “Choose France Summit” and said the French Government is ever ready to support people-oriented and developmental projects in Nigeria. “I am very pleased to see how committed Abdul Samad Rabiu is for the refinery and in the space of philanthropy”. Macron said.

“I want to stress how keen you were in promoting the interest of Nigeria and its people during our meeting in Paris and how committed you were to make the economy stronger and more resilient. I want to congratulate you for the vision and ambition you demonstrate in many sectors in your will to build projects shaping the future of Nigeria. We think that we have to support long term investment of French companies in Nigeria and Nigeria companies in France and this project of refinery is a wonderful project for Nigeria”, Macron said.

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