The management of BUA Refinery and Petrochemicals has dismissed recent claims that its 200,000 barrels per day (bpd) refinery in Akwa Ibom is at 90 percent completion.
In a statement released through its official X (formerly Twitter) account on Sunday, the company said while the project has recorded significant progress, it is not yet at the advanced stage being speculated.
“Whilst the refinery is not at 90 percent completion, we are however on track to meet our delivery timelines in collaboration with our partners,” the statement read.
The Akwa Ibom refinery, expected to process 200,000 barrels of crude oil daily upon completion, represents one of the key initiatives aimed at reducing Nigeria’s reliance on imported petroleum products.
“This BUA Refinery and Petrochemicals project represents a major milestone in strengthening Nigeria’s refining capacity and energy security,” the company added.
In addition to the refinery, BUA disclosed that it is making strides on other critical energy projects like a mini-LNG plant and several hybrid power plants across Nigeria.
Collectively, these initiatives aim to complement BUA’s already impressive installed captive power generation capacity, which exceeds 1,000 megawatts.
The management also said it has delivered mega industrial projects worth over $3.5 billion in the past decade.
Reaffirming its commitment to transparency and excellence, BUA pledged to provide updates to the public only when necessary and as verifiable milestones are achieved.
“We remain committed to transparency and excellence, as demonstrated by over 12 of our completed mega industrial projects in the past 10 years,” the management stated.
The company reiterated its dedication to meeting delivery timelines and ensuring that its projects contribute meaningfully to Nigeria’s industrial and energy development goals.
