BUA Group and Axens, a France-based petroleum technology company, has confirmed progress in the construction of BUA’s 200,000 barrels per day (BPD) refinery and petrochemical plant in Akwa Ibom state. This is coming six months after both firms signed an agreement for the supply of process technologies and the design of the facility.
In affirming progress of the project, the duo also reviewed and signed a statement of acknowledgement in order to further improve the construction operations.
BUA disclosed this in a public statement, where it stated that Emmanuel Macron, French President, commended the Chairman of BUA Group, Abdul Samad Rabiu for his commitment to developing lasting relationships between French and Nigerian businesses and for his efforts in making the Nigerian economy resilient.
Macron who was represented by Franck Riester, French Minister for Foreign Trade and Economic Attractiveness, said that the French Government is ready to support people-oriented and developmental projects in 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.
The French minister who paid a visit to the BUA Group headquarters in Lagos also handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.
Rabiu in his remarks commended the efforts of the French president and minister in fostering business relationships between BUA and other French businesses, while expressing confidence in the quality of expertise and technical know-how of the French companies BUA has partnered with.
He said that when the BUA refinery is commissioned and fully operational, the cost of transporting crude oil offshore, refining it and importing it will reduce. He added that the choice location for the refinery was strategic due to the huge availability of raw materials and its proximity to export petroleum products to other countries.
Jean Sentenac, President, Axens said that the project is progressing as scheduled which is a good development for both parties. He reiterated that Axens is committed to delivering the project promptly with excellent standards
BUA also announced that its group chairman Abdul Samad Rabiu was appointed chairman of the France-Nigeria Investment Club.