The Delta State Economic and Investment Summit recorded a major investment milestone on Tuesday as Alexis Refinery Limited and Chinese engineering company, PCCS Limited, signed a Memorandum of Understanding to develop the proposed Alexis Refinery in Delta State.
The agreement was signed at the summit’s Deal Room in Asaba and is expected to support Nigeria’s refining industry, expand petrochemical production and reduce the country’s dependence on imported industrial chemicals.
Speaking after the signing ceremony, the Managing Director and Chief Executive Officer of PCCS Limited, Mr. Tian Jing, and his counterpart at Alexis Refinery Limited, Mr. Joey Obue, described the agreement as a major step towards bringing the long-planned refinery project into reality.
They said the project would be executed in two phases.
According to them, the first phase will focus on refining petroleum products, while the second phase will produce petrochemicals and other industrial chemicals currently imported into Nigeria.
Obue said the refinery would encourage local manufacturing, create jobs and position Nigeria as a major supplier of petrochemical products to countries in West Africa.
He added that the partnership with the Chinese company would provide the technical expertise and engineering capacity needed to deliver the project to international standards.
“The refinery will reduce Nigeria’s dependence on imported petrochemical products, create employment opportunities and strengthen local industrial production,” he said.
Obue disclosed that the project promoters had made significant progress in obtaining regulatory approvals and engaging host communities.
He said the communities would not only benefit from the refinery but would also become equity partners in the project.
“This project is structured to ensure that the host communities have a direct stake in its success. They will share in the long-term economic benefits of the refinery,” he said.
The promoters explained that discussions on the refinery project began in 2018 but noted that the Delta State Economic and Investment Summit provided the opportunity to conclude negotiations and formally sign the partnership agreement.
They described the MoU as one of the major outcomes of the summit, saying it demonstrated that the event was attracting real investments in addition to policy discussions.
According to them, the refinery project is expected to boost investor confidence in Delta State, support Nigeria’s economic diversification efforts, strengthen energy security, expand manufacturing and increase exports.
The Memorandum of Understanding was signed by the Managing Director and Chief Executive Officer of PCCS Limited, Mr. Tian Jing, and Ms. Duan Lingling, while Mr. Joey Obue and Mrs. Augusta Izokun signed on behalf of Alexis Refinery Limited.
The ceremony was witnessed by Mr. Mohammed Oyibo, Mr. Echi Obue and other stakeholders.
