Capital Oil and Gas Industries is in collaboration with the Lagos State government, Nigeria, for the construction of a 200,000 barrels per day (bpd) petrochemical refinery.
The refinery is likely to be located at Snake Island in Lagos State, and is expected to assist in bringing an end to fuel importation, reduction in cost and stability of oil supply nationwide.
The project is expected to start construction before the end of the year, looking to be completed within a maximum period of four years.
The plant is designed to have a deepwater port allowing the simultaneous unloading of 280,000 metric tonne vessels, a crude oil storage capacity of 460,000 tonnes and possesses the approval to build export processing zone.
The refinery project will allow the refining of 645,000 bpd or 20.8% of Nigerias crude oil production output locally, out of the production capacity of 3.1 million bpd.