The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.
The deal is a step closer to Dangote’s proposed 650,000 barrels per day refinery in Lekki, Lagos, which is in the final stage of completion.
The signing was witnessed by French Minister for Foreign Trade and Economic Attractiveness, Franck Riester who paid a visit to the BUA Group HQ in Lagos Nigeria where he handed over a personal invitation from President Macron to Abdul Samad Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.
During the visit, it was also announced that the Chairman of BUA Group had been appointed Chairman of the France Nigeria Investment Club.
This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.
BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.
The statement quoted Mr Rabiu thanking 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 whilst expressing confidence in the quality of expertise and technical know-how of the French companies BUA has partnered with.
He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.
Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.
He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.
The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.
Represented by Franck Riester, the French Minister for Foreign Trade and Attractiveness, Mr Marcon 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.”
“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,” Mr Macron was quoted to have said.
It is worthwhile to note that the completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.
This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.
The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).
