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.
The project is also anticipated to generate thousands of direct and indirect jobs during its construction and operational phases, while creating business opportunities for local contractors, suppliers and host communities.
Industry observers believe the partnership could attract additional foreign investment into Delta State, reinforcing its position as one of Nigeria’s leading oil and gas investment destinations.
Stakeholders expressed optimism that the MoU would fast-track the commencement of the project, with further technical studies, regulatory approvals and investment arrangements expected to follow before construction begins.
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.
