Metalgalante S.p.A.
MSC Mediterranean Shipping Company
CAF Data Centre Industry Outlook
Car Mix

twitter Facebook Linkedin acp Contact Us

Eton Group funds greenfield refinery project in Nigeria

Eton Group is offering US$1.7bn as funds for the project, while Qua Petroleum Refinery is putting in US$1.4bn for the project. (Image source: IntelFreePress/Flickr)

Eton Group and Qua Petroleum Refinery Ltd will invest around US$1.7bn for the construction of a greenfield refinery in the Akwa Ibom State of Nigeria

Speaking at the agreement signing ceremony in Abuja, director of Eton Finance Private Ltd, Allen Rennie, said the refinery would produce about 100,000 bpd.

“Eton Group is offering US$1.7bn as funds for the project, while US$1.4bn is being put in by Qua Petroleum Refinery for the re-engineering and construction of the export designated refinery,” said Rennie, who added that US$300mn had been earmarked for start-up operations and feed stock.

“The financing is in form of a joint venture funding with both companies working together to realise the goals of the project,” he said.

All financial and administrative formalities will be completed within the next two months, after which, re-engineering, approval for fabrication and construction phases will be started.

Representative of Qua Petroleum Refinery, Essien Ekanem, said the construction of the refinery was expected to take 18 to 24 months, with first production billed for late 2014 or early 2015.

Ekanem added that the refinery will be constructed with the hope of producing approximately 750 direct jobs and 4,000 to 7,000 jobs created externally through various support functions.

When fully constructed, the refinery will have a capacity to produce LPG, petrol, kerosene, diesel, heavy fuel oil, lubricating oils, greases and bitumen.

African Review

Most Read

The Bell team in Richards Bay consists of more than 800 machinists, welders, and assemblers. (Image source: Bell)

GFE Power Product’s extensive range covers generators from 10 kVA up to 3,000 kVA. (Image source: GFE Power Products)

The funding is the largest-ever equity raise in the minigrid industry according to Husk. (Image source: Adobe Stock)

The initiative will help African contractors participate in annual infrastructure investments. (Image source: Afreximbank)

ITS has evolved into a sophisticated systems approach, providing numerous opportunities to revolutionise road networks. (Image source: Adobe Stock)

Invest International’s Lara Muller; Ivory Coast Minister of Finance and Economy, Adam Coulibaly; and Ambassador Designate to Ivory Coast, Jeroen Kelderhuis. (Image source: Invest International)

Inside Condra’s Johannesburg factory: an overhead crane positions an electric motor during assembly of hoist and crab. (Image source: Condra)

The Yellow Metal Machine Rental team with some Wacker Neuson equipment. (Image source: Wacker Neuson)

The parties will also promote the mutual exchange of information and expertise in the field of export credit policies and practices. (Image source: TBD Group)

Although displaying resilience, the report warns that African banks remain exposed to physical climate risks due to both sovereign and industry lending. (Image source: Adobe Stock)

WAA and VCMI will seek to establish regulatory frameworks to enable access to high integrity and fair voluntary carbon markets for WAA member countries. (Image source: Adobe Stock)

IVECO is renewing its entire product range, all at once. (Image source: IVECO)

Both the IMF and EIU expect SSA to rank as the world’s second fastest growing economy in 2024. (Image source: Adobe Stock)

The MoU was signed alongside the Africa Health Business Symposium. (Image source: Africa CDC)

There has been a focus on the sugar industry. (Image source: Adobe Stock)

Latest news

Dietmar Siersdorfer speaking at Africa Energy Forum in Barcelona. (Image source: Siemens Energy)

The generator set fitted with a Perkins 1103 is providing vital backup power at the St Patrick School in Uganda. (Image source: Perkins)

5G technology deployment will take place later this year. (Image source: Adobe Stock)

Spiro will draw from its experience in Kenya, Benin, Togo, Rwanda and Nigeria as it launched in Uganda. (Image source: Spiro)

According to IRENA, concrete policy actions and massive mobilisation of finance at full speed is required in order to meet the 2030 target. (Image source: Adobe Stock)

The distributor will hold specialised training and empowerment sessions to enable its channel network to effectively deliver Vertiv’s portfolio, as well as managing inventory to serve the market. (Image source: Vertiv)

The HQ is expected to be completed and handed over by February 2025. (Image source: ECOWAS)

Africa’s share of global manufacturing only sits at around 2% today. (Image source: Adobe Stock)

There are numerous but not insurmountable challenges facing Africa's aviation sector, according to IATA. (Image source: Adobe Stock)

Africa Energy Forum 2024 was held in the Fira de Montjuïc in Barcelona. (Image source: ACP)

The quality design and manufacture of SEW-EURODRIVE South Africa’s panels and enclosures can be suited to any customer requirement wall mounts. (Image source: SEW-EURODRIVE)

African countries will require over US$45bn in the coming eight years to plug the gap in its transmission systems. (Image source: Synergy Consulting)

BII commits US$75mn to second Green Basket Bond with Symbiotics Investments to finance small-scale green projects in Africa, South, and South-East Asia. (Image source:

Transforming Africa's digital economy: Data Centres powering growth, innovation, and sustainability in the digital era. (Image source: Adobe Stock)

The Linnhoff TSD1500 Asphalt Mixing Plant is undertaking crucial work on two rural road projects in Kenya. (Image source: Lintec & Linnhoff)

Genset BuyersGuide
Construction Buyers Guide