$1bn Azikel Refinery Major Industrial Milestone, Says Obasanjo

Former President Olusegun Obasanjo has described the Azikel Refinery in Bayelsa State as a major milestone in Nigeria’s industrial development. The former president spoke on Monday while flagging off the refinery’s Crude Distillation Unit (CDU) at the massive complex in Obunagha community in Yenagoa Local Government Area.

While performing the symbolic erection of the CDU, which marked a significant milestone towards completion of the petroleum refining project, Obasanjo commended the President of Azikel Group, Dr. Azibapu Eruani, for his extraordinary vision, entrepreneurial courage and monumental investment in the development of the $1 billion refinery.

He expressed satisfaction with the transformation of the refinery site since his earlier visit eight years ago, when he laid the foundation for the industrial complex. He also applauded Eruani’s determination and commitment to indigenous petroleum refining investment.

The Azikel Refinery is being developed as a fullscale petroleum refinery designed to produce Premium Motor Spirit (PMS), commonly known as petrol, Automotive Gas Oil (AGO) or diesel, and other refined petroleum products.

The Azikel Refinery is the Nigeria’s second-largest private full-scale refinery with petrol production alongside other petroleum products, with production output of 2,500,000L of petrol daily and 2,000,000L of diesel daily.

Obasanjo commended the African Export-Import Bank (Afreximbank) and Africa Finance Corporation (AFC) for their financial support towards development of the refinery, and urged both institutions to sustain their commitment through successful completion.