Over 10,000 direct and indirect jobs would be created when an indigenous firm, Petrolex Oil and Gas begins operation.
The oil firm inaugurated its $6 billion (N2.1 trillion) in oil city located in Ogun State today (Tuesday).
Already, the company has spent over $300 million (N1.08 billion) on the project.
The Chairman of the company, Segun Adebutu who made this disclosure during a tour of the facility called “mega oil city” in Ibefun, Ogun State, said that there is a budget of $3.5 billion for the construction of a 250,000 barrels per day refinery.
Adebutu disclosed that the proposed $8.5 million lubricant plant has already been commissioned to a company and is expected to be ready soon.
Adebutu, who spoke ahead of the inauguration of the company, added that the company will also be building electricity plant within the oil city.
Adebutu said that the company had a tank farm of over 300 million litres capacity to turnover 600,000 million litres monthly.
According to him, the company has a gas processing plant to produce 50,000 Liquefied Petroleum Gas cylinders.
Adebutu added that the well-structured marshalling yard, with 4,000 capacity trailer park in Ibefun, would be located within the complex.
According to him, the Petrolex mega oil and gas city is conceptualised to enjoy the distinction of housing some of the most advanced oil and gas infrastructure in Africa.
He added: “The first phase of the complex will comprise of the 300 million litres Ibefun tank farm, residential quarters, army barracks, 30 loading gantries, and a 4,000 truck capacity trailer park with accommodation for drivers.”
He said that the tank farm will be the largest product storage tank farm in sub-Saharan Africa and will create over 10,000 jobs.