Azibapu Eruani, president of the Azikel Group, is currently building a refinery named after him and worth $1 billion in Yenagoa, Bayelsa State. Azikel
Azibapu Eruani, president of the Azikel Group, is currently building a refinery named after him and worth $1 billion in Yenagoa, Bayelsa State. Azikel Refinery which is currently in its final phase of construction is the only one in Africa built to convert condensate into a full product range.
The facility is designed to process 25,000 barrels of crude oil everyday. Once operational, it is expected to churn out premium motor spirit, diesel, aviation fuel, kerosene, liquefied petroleum gas and a range of other petroleum products.
The condensate-processing capability is a defining characteristic of the plant, and Azikel Refinery it is the only refinery on the African continent designed to convert condensate into a complete suite of refined products. Around 700 engineers and technical staff are currently on site working towards completion of the refinery, the majority of whom are young Bayelsans alongside expatriate specialists.
When the plant reaches full operation, it is expected to employ more than 3,000 people directly, while the project has already generated in excess of 80,000 indirect jobs.
The refinery’s journey began in 2015 when it received regulatory approval. In November 2023, Azikel Petroleum, an arm of Azikel Group secured a $259 million debt financing agreement with the African Export-Import Bank for what was then a 12,000-barrel-per-day facility. Subsequent redesign and enhanced value engineering significantly expanded the project’s scope and investment size.
