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Petrolex Oil & Gas $330m tank farm starts operation

by Olusola Bello

December 8, 2017 | 12:45 am
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The $330 million Ibefun Tank Farm with   a capacity  of 300million litres  for petroleum product, built by Petrolex Oil & Gas, will start  operations next week after it would  have been  commissioned by  the Vice  President  Yemi  Osinbajo.

The  facility  which is located  in Ibefun , Ogun State is the first phase of the $6 billion  Petrolex Oil and Gas  Mega city  which will ultimately house a 250,000 barrels per refinery , power  plant, Gas Processing Plant to produce 50,000 LPG cylinders also comprise a residential quarters , 30 loading gantries, and a 4,000 truck capacity trailer park.

This legacy investment of over $330 million to date, as audited by PWC, will be the largest products storage tank farm in sub-Saharan Africa,creating at least 2,000 jobs.

According to Segun Adebutu, chairman, Petrolex  Oil & Gas, he said : “The Ibefun Tank Farm is an example of the company’s dedication to building communities, empowering people  and driving economic growth in Nigeria . The storage tank being put place is conceptualized to enjoy the distinction of housing some of the most advanced oil and gas infrastructures in Africa”.

“The Petrolex Mega Oil & Gas City is conceptualized to enjoy the distinction of housing some of the most advanced oil and gas infrastructures in Africa.

He said by the time the project is completed indigenous  staff would  be at least 70/80%  and this would  actually helped the economy of the town itself.

“ It’s not just about direct employment. We’re setting up a city here.”

Segun Adebutu who has proven himself a proficient game changer in developing fully automated petroleum storage

Said the tank farm is connected to the Nigeria System 2B pipeline at Mosimi ensuring the supply and distribution of petroleum products all around the country.

With an expansion plan to increase the storage capacity, the oil city will also be home to a power plant, LPG (liquefied petroleum gas) plant and an ultramodern lube oil plant to maximize value.

The Mega City will feature a 250,000 barrels per day refinery, Tank Farm: 300 million capacity to turnover 600,000 million litres/month, Gas Processing Plant: to produce 50,000 LPG cylinders to make LPG gas more affordable and a home for an ultramodern lube plant.

Petrolex’s unique sustainability model includes comprehensive environment conservation and reforestation programme and a successful host-community engagement framework while its corporate social investments continually add value to millions of lives and expected to creat over 10,000 new jobs expected to in the short term, both directly and indirectly when the Oil and Gas Mega city comes on stream.

Olusola Bello

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by Olusola Bello

December 8, 2017 | 12:45 am
  |     |     |   Start Conversation

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