We advised Petrolex Oil & Gas, one of Nigeria’s foremost indigenous energy companies, on structuring and financing a landmark private refinery project that would transform the country’s downstream sector. Despite being Africa’s largest oil producer, Nigeria has long relied on imported refined products due to insufficient domestic refining capacity, a paradox that has constrained growth, increased costs, and weakened energy independence.

 

Petrolex sought to change that. The company’s ambition was to establish a fully integrated refinery complex capable of meeting national demand while positioning Nigeria as a regional supplier of refined products. Our engagement centered on building a robust financial and operational architecture that could attract global investment and strategic partners while aligning with Nigeria’s regulatory and industrial frameworks.

 

Client: Petrolex Oil & Gas

Location: Federal Republic of Nigeria

Role: Structuring | Partner Selection | Equity and Debt Sourcing

 

Our Approach and Work

• Capital architecture design: We developed a multi-tier financing structure combining export-credit agency (ECA) debt, sponsor equity, and private institutional investment. The goal was to minimize capital cost while maximizing control and scalability.

• Global partnership formation: We secured an exclusive EPC + F agreement with Hyundai Engineering Company, leveraging Korea’s technical expertise and financing ecosystem to deliver both engineering execution and long-tenor capital.

•  overeign and export-credit financing: We facilitated negotiations with KEXIM and K-Sure, securing competitive ECA-backed funding and creating a replicable model for future industrial projects in emerging markets.

• Feasibility and compliance oversight: Our team managed feasibility studies (Wood Mackenzie), environmental assessments, and detailed financial modeling to ensure the project met international bankability and ESG standards.

• Stakeholder alignment: We coordinated between Nigerian regulators, local partners, and international lenders to create a structure that balanced local participation with global credibility.

 

Through this holistic approach, Petrolex was able to convert an ambitious concept into a fully structured, financeable, and executable project, one recognized internationally as a key step toward Nigeria’s energy independence.

 

Objectives

Objective I - Mobilize international financing and EPC partnerships to advance one of West Africa’s largest private refinery projects.

Objective II - Establish a capital structure that attracts export-credit support while minimizing equity dilution.

Objective III - Position Petrolex as a fully integrated downstream operator capable of driving industrial transformation and national energy security.

 

Outcome and Business Impact

• Project finance readiness achieved: Petrolex advanced from conceptual stage to full execution readiness, backed by secured EPC and ECA commitments.

• National industrial capacity expanded: The refinery will reduce reliance on fuel imports, improve energy security, and catalyze industrial growth across Nigeria.

• Economic impact generated: The project is expected to create thousands of skilled and semi-skilled jobs while embedding local content and supply-chain opportunities.

• Investor confidence strengthened: The structured financing and international partnerships reinforced Nigeria’s credibility as a viable destination for large-scale industrial capital.

• Regional influence established: Upon completion, Petrolex will position Nigeria as a net exporter of refined products, reshaping energy flows across West Africa.

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Petrolex’s journey stands as a landmark example of how disciplined structuring, cross-border collaboration, and visionary leadership can unlock industrial sovereignty in emerging markets. What began as a national ambition became a blueprint for how indigenous enterprises can attract global capital, align with international partners, and retain local control.

 

More than a refinery, it symbolizes Nigeria's growing drive toward self-sufficiency where homegrown companies, empowered by structure and strategic vision, are shaping rather than following global markets. Petrolex reflects the countries new industrial confidence: bold, collaborative, and built to endure.