Wema Bank has announced it’s partnering with Petrolex, an indigenous oil and gas company, for the development of its $300 million Ibefun Tank Farm.
The Managing Director/Chief Executive Officer of Wema Bank Plc, Olusegun Oloketuyi, expressed his delight that Wema Bank was part of such a prestigious project. He said the bank’s involvement in part-financing the largest Tank Farm in sub-Saharan Africa further reaffirms its commitment to play a crucial role in the country’s growth and development by providing funding for critical, economically-enhancing projects.
“We are extremely delighted to have partnered with Petrolex on this laudable project,” said Mr Oloketuyi.
“Our participation in this remarkable venture further reaffirms our brand position to go all the way with our customers in ensuring their dreams become a reality. We remain unwavering in our quest to support historic and value-adding propositions that ultimately enhance the lives of people and bring about economic prosperity.”
The farm, located in Ibefun, Ogun State, holds a 300 million litres storage capacity and can turn over 600 million litres of petroleum products in one month. The complex also comprises a residential estate for staff, an army barracks, 30 loading gantries for product disbursement, and a 4,000 truck capacity trailer park with accommodation for drivers.
The facility is part of a long-term plan by Petrolex to develop a $6 billion Oil Megacity. Once completed, it is expected to be Africa’s largest petroleum products hub.
Chairman and Chief Executive Officer of Petrolex, Segun Adebutu, explained that while the tank farm will immediately bring on board thousands of jobs, his long term vision for the megacity is to build a largely indigenous company that will enhance the livelihood of many Nigerians and ensure the country’s self-sufficiency dream in energy is made a reality.
Petrolex Group is an integrated energy conglomerate that provides services spanning across refining, storage, distribution and retailing of petroleum products. The Petrolex Mega Oil City is a legacy investment currently valued at over $330million.