US$300M LARGEST TANK FARM TO BE CONSTRUCTED IN NIGERIA

Wema bank partner Petrolex for the development of the largest tank farm in sub-sahara africa.

The tank farm which is located in Ibefun, Ogun State will comprises of 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 Tank is expected to hold 300 million litres storage capacity and can turnover 600 million litres of petroleum products in one month.

The project which was jointly funded by both Wema bank and Petrolex was opened on the 12^th of December 2017 is part of a long term plan of Petrolex to develop a $6 billion Oil Megacity. The project which will house a 250,000 barrels per day capacity refinery which is estimated to cost $3.5 billion, an ultramodern lube plant, an LNG and LPG plant, and a power plant.

Chairman and Chief Executive Officer of Petrolex, Segun Adebutu; ”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.”

Managing Director/Chief Executive Officer of Wema bank, Olusegun Oloketuyi; “We are delighted to have partnered with Petrolex on this laudable project,”

According to him, “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 because 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 megacity will sit on a landmass that spans over 101 square kilometres, a tenth of the entire size of Lagos State.