An indigenous firm, Petrolex Oil and Gas Limited, is to inaugurate a 300 million litres petroleum products tank farm at Ibefun, Ogun State.

Chairman and Chief Executive Officer of the company, Mr. Segun Adebutu, disclosed this during a facility tour of the Petrolex Mega Oil City recently.

Adebutu explained that the Petrolex tank farm would decongest Apapa and Ibafon tanker traffic by 60 per cent.

According to him, the tank farm is accessible through land and waterways, with easy access from the Atlantic Ocean. Its proximity to the Lagos market and easy accessibility to the northern and eastern parts of Nigeria gives it a strategic advantage, as customers can load their products in unprecedented time and avoid delays, which characterise the industry.

He said the facility has the capacity to turnover 600 million litres of petroleum products every month while enabling products to be stored and distributed effectively and more efficiently in a bid to revolutionise the Nigerian oil and gas landscape.

The facility, which is equipped with state-of-the-art technology is to be commissioned by Vice President Yemi Osinbajo, tomorrow, and is expected to create over 10,000 new direct and indirect jobs, improve throughput capacity for distribution of petroleum products by over 500 per cent.

Meanwhile, the Chairman said Petrolex’s extensive social investment programme is expected to impact over two million lives and maintain a very healthy balance with the environment. 

The facility is set to decongest Apapa and Ibafon tanker traffic by 60 per cent, thereby eliminating hazards associated with storage and transportation of petroleum products in those areas.

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And to facilitate the achievement of its strategic goals, Adebutu said Petrolex has 16 barges, eight tugboats and a 30KT vessel. In addition, Petrolex Mega Oil City has residential quarters, army barracks, 30 loading gantries, gas processing plant, and a 4,000-truck capacity park with accommodation for drivers.

On its medium to long term plans, the Petrolex boss hinted of plans by his company to participate in the next oil bid rounds alongside the establishment of a $3.6 billion 250,000 barrels per day (bpd) oil refinery to be sited in the mega oil city.

“This legacy investment of over $330 million to date, as audited by PWC, will be the largest product storage tank farm in sub-Saharan Africa. This massive investment will make the company a one-stop energy provider not only in Nigeria but also in sub-Saharan Africa,’’ he said.

The Chairman said that Petrolex had commenced the planning, design and development of the Petrolex Mega Oil City located in Ibefun, where it had acquired over 13,000 acres of prime land.

He also said the company had also concluded negotiation of another 12,000 acres to make the Petrolex oil city at 101 square kilometres.

“Hopefully, by the time we are done, it will be at least 70/80 per cent indigenous. It will actually help the economy of the town itself. As a solutions-driven company, we are positioned to drive increased efficiency and consistent value creation across the West African downstream oil and gas value chain through our strategic investments and the delivery of superior quality products and services. 

“Working with our diverse stakeholders, the successful completion of the first phase of our mega oil city in Ibefun, Ogun State, demonstrates our disciplined approach to project management and signposts  our ability to execute large-scale energy development projects that will move the region forward,” said Adebutu.