THE PROJECT
Land Ownership & Use
64 years lease executed with the NNPC for 45 hectares of land within the battery limit of the Project
Land Ownership & Use
The Project Company will have sole responsibility for negotiating project contracts and other necessary agreements; It will establish the most efficient and sustainable methods of undertaking the development; It will bear the construction and other risks related to the development
Project Development
The Project Company will have sole responsibility for negotiating project contracts and other necessary agreements; It will establish the most efficient and sustainable methods of undertaking the development; It will bear the construction and other risks related to the development
Operations
The Project Company will arrange for the management, operation, and maintenance of The Project; It will work with reputable parties to maximize the commercial potential of the asset on completion; Contracts will be entered into with experienced parties across the broad spectrum of activities.
Equity
NNPC 10% Equity Investment & Land Contribution Executed
Funding
The Promoters of The Project will have sole responsibility for sourcing the required funding from both equity investors and lenders; The Project Company shall have sole responsibility of all contractual obligations including the financing arrangements
Global and africa market
- Global demand peaks at 103 MBD in 2032 and then slowly declines, reaching 101 MBD by 2040
- Demand in Africa is expected to grow by ~80%
- Refining capacity will still increase in areas with growing demand, as Africa and Asia
- Future capacity in Africa will depend mainly on Nigeria and Angola’s capacity
- Nigeria has negative balance -330 KBPD (2020) and projection of -550 KBPD in 2040 assuming Dangote refinery goes on stream
- Africa has negative balance -700 KBPD (2020) and projection of -1,250 KBPD in 2040
