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Ibefun midstream venture 



Project Value

$ 3.6 billion USD 

Project duration

2016 - 

Service provided

Relationship Management;

Structuring; Legal; Partner Selection; Technical Advice; Equity and Debt Sourcing.


Petrolex Oil & Gas Limited is a Nigerian company and part of Petrolex Group, an African integrated energy conglomerate. The company was founded in February 2007 by Segun Adebutu, a Nigerian entrepreneur. It provides services to the oil and gas industry. It is mainly involved in the refining, storage, distribution and retail of petroleum products in Nigeria and Africa. 



With support from partners, Petrolex  has invested over $330 million in the Ibefun tank farm with a 600,000 million liters monthly capacity. This phase would ease the Apapa and Ibafon tanker traffic gridlock, a source of anxiety for stakeholders. In December 2017, Petrolex announced its plan to build a $3.6 billion refinery plant with an output capacity of 250,000 barrels a day.


Cassia and a team of outside consultants worked with Petrolex to bring the idea of the refinery to life. The first phase was in securing an EPC + F partner for Petrolex which we did as the principals have legacy reltionships

with the South Korean Chaebol families as such Hyundai Engineering Company was chosen to be the exclusive EPC provider to the project and in return for granting that right the company brought along both the Korean ECA's - KEXIM and Ksure to provide the debt financing to the new refinery build.


The second phase was in working with  London based Wood Mackenzie  and AMAC Foster Wheeler to do both the pre-feasibility and feasibility studies on the refinery so that  we could bring the project along to the  third phase which is the Front End Engineering Design (FEED) which is currently being tendered out. With  the option of ECA financing proposed the principals investment group have begun to shape their equity consortium in country and also with strategic partners we have been instrumental in introducing to the new venture.  

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