The management of industrial conglomerate, BUA Group, has debunked reports that its 200,000 barrels per day refinery in Akwa Ibom has reached 90% completion.

In a statement on Sunday, January 5, 2024, the management said the BUA Refinery and Petrochemicals is far from completion.

It, however, stated that construction is progressing steadily and is on track to meet delivery timelines.

“Whilst the refinery is not at 90% completion, we are however on track to meet our delivery timelines in collaboration with our partners,” the group said.

“This BUA Refinery & Petrochemicals project represents a major milestone in strengthening Nigeria’s refining capacity and energy security.

“Our other energy projects, including the construction of a mini-LNG plant and several new hybrid power plants across the country to add additional capacity to our over 1,000MW installed captive power generation capacity, are also progressing rapidly.

“The public is advised to verify any news through our official channels and platforms so as not to be misled by mischievous persons.”

The company added that it has completed over $3.5 billion worth of mega-industrial projects within the past decade.

“At BUA, we remain committed to transparency and excellence. As we have consistently done with over 12 of our completed mega industrial projects worth over $3.5 billion in the past 10 years, we will continue to keep you updated with verifiable and accurate information only where necessary, and as milestones are achieved,” BUA Group noted.

BUA Group expressed appreciation for the public's interest and enthusiasm for the refinery.