THE PROJECT
Project Development Concept

The Project – the development of a 100,000bpsd Deep Conversion Greenfield Refinery Plant, is conceived to be delivered as a privately funded Public Private Partnership (“PPP”) development. The Project Company – African Refinery Port Harcourt Limited, has been incorporated as the legal entity that owns the refinery asset on completion and will be responsible for all contractual obligations including the financing arrangements of 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