The energy sector in Africa has recently achieved a milestone progress. A major breakthrough has been made in Nigeria's large-scale refinery project with a daily processing capacity of 500000 barrels, and relevant parties have officially signed a new agreement, clearing the core obstacles for this iconic energy infrastructure with a total investment of up to 50 billion US dollars. This project is not only unprecedented in scale, but also seen as a strategic move to consolidate Nigeria's position as a regional energy hub.

Joint venture company established, project execution enters a new stage

The large-scale refinery project planned to be built in Nigeria with a daily processing capacity of 500000 barrels per day (bpd) has recently achieved a crucial breakthrough - relevant parties have officially finalized a new agreement, clearing important obstacles for this energy infrastructure project with a total investment of up to 50 billion US dollars. The refinery will be built within the free trade zone of Ondo State in southwestern Nigeria. The project originates from an investment commitment of up to $50 billion and is expected to become one of the largest development projects in the energy sector in Africa.

To coordinate project execution, the partner has established a new entity called "Sunshine Joint Venture Infrastructure Limited". Wale Adekola, Vice President of Backbone Infrastructure Nigeria Limited (BINL), announced this progress on Thursday. He said, "In order to further implement our commitment to jointly promote the two key projects of the refinery and free trade zone with the Ondo state government, our partners have taken another significant step - officially registering and establishing a joint venture company... This demonstrates the firm determination of all investors to cooperate sincerely, unite as one, and fully promote the development of the project." It is reported that the project has received strong support from the Ondo state government.

Supporting energy independence and positioning Africa as a supply hub

The project is jointly promoted by Backbone Infrastructure Nigeria Limited (BINL) and Canada's NEFEX Holdings Limited, which will inject global industry expertise into the project. Adkola emphasized that the partner NEFEX Petroleum has rich operational experience in the Middle East, Europe, and North America, combining global network advantages with deep local understanding. In early November this year, an international energy consortium secured up to $50 billion in investment for the project, which will be specifically used to build this giant refinery in Ondo State.

After completion, the refinery will not only supply the domestic market in Nigeria, but also provide refined oil products to the entire African continent. This move aims to effectively supplement the existing production capacity of Dangote Refinery and further strengthen Nigeria's position as an energy hub in Africa. Adkola pointed out that this cooperation will have a profound long-term development impact on the local area. This project represents one of the largest private sector energy investment projects in West Africa to date, and its advancement marks a solid step for Nigeria in enhancing energy autonomy and regional supply capacity. Keywords: overseas engineering, international engineering construction, foreign engineering construction news

With the agreement finalized and the executing entity in place, this $50 billion mega refinery project has entered a fast track of implementation from the blueprint. It is not only a result of Nigeria's attraction of significant foreign investment, but also carries the ambition to enhance the country's refining capacity, ensure regional energy security, and ultimately reshape the energy economic landscape in Africa. The follow-up progress of the project will continue to receive high attention from the global energy community and African countries. Editor/Xu Shengpeng