BUA Refinery on Track to Complete $3.8 Billion Akwa Ibom Plant: Dispels 90% Completion Claims

BUA Refinery and Petrochemical has reassured the public of steady progress on its $3.8 billion plant in Akwa Ibom, confirming the project is on schedule to meet its completion timelines.

The company, in a statement on Saturday, dismissed claims suggesting the refinery was 90 percent complete, labeling such reports as inaccurate and misleading.

“Contrary to misleading reports that our 200,000 barrels-per-day refinery is 90 percent complete, BUA wishes to inform the public to disregard such unfounded claims, which did not originate from us,” the statement read.

The company emphasized its commitment to transparency and highlighted ongoing construction progress. “As we achieve significant milestones on our Akwa Ibom refinery project, we are pleased to report that work is progressing steadily. While the refinery has not reached 90 percent completion, we remain confident in our ability to meet the agreed timelines in collaboration with our partners,” the statement added.

This development aligns with Nigeria’s broader efforts to bolster domestic refining capacity. In January 2024, the Dangote Refinery commenced petroleum product production, achieving a major milestone with the rollout of petrol in September. Similarly, the Nigerian National Petroleum Company Limited announced the successful restart of operations at the rehabilitated Port Harcourt and Warri refineries in late 2024.

The BUA Refinery project is poised to contribute significantly to Nigeria’s energy sector, underscoring the nation’s drive toward self-sufficiency in petroleum refining.