Waltersmith Ibigwe Refinery Praised as a 'Success Story' as It Embarks on Expansion Phase

An official Nigerian delegation visited the Ibigwe Modular Refinery of Waltersmith Refining & Petrochemical Ltd in Imo State this week, praising the project as a 'success story' of Nigeria’s local content.

The delegation, led by Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), included Engr. Simbi Wabote, Executive Secretary of the Nigerian Content Development & Monitoring Board (NCDMB); Abdulrazaq Isa, President & Group CEO of Waltersmith group of companies; and Dr. Olasupo Olusi, MD/CEO of the Bank of Industry.

High-level Nigerian delegation visits Ibigwe Modular Refinery in November 2023

“The shortest way of addressing the problem is a modular refinery,” declared Sen. Heineken Lokpobiri as he discussed Nigeria’s energy security and the lack of refining capacity.

The 5,000 bpd modular refinery at Ibigwe was commissioned in 2020 and has been operating successfully ever since. It remains one of the most successful private sector refineries in the country.

“600 million liters have already been produced from the facility, and 20 trucks leave the refinery on a daily basis,” added Engr. Simbi Wabote of the NCDMB, one of the shareholders in the project. “This is one of the most successful investments we have made,” he continued.

The delegation also received details about the refinery’s expansion plans to double its capacity to 10,000 barrels per day (bpd). “It is obvious that the capacity we have is limited, and we need to ramp it up. We are working hard to conclude the second phase by Q2 2025 when we will finalize negotiations on the condensate feedstock,” explained Abdulrazaq Isa during the site visit. 

“VFuels successfully designed, fabricated, installed, and commissioned the first phase of 5,000 bpd of the Waltersmith Refinery and is delighted to have been part of the project since the beginning,” commented Souheil Abboud, Managing Director at VFuels. “This showcases the quality and project delivery experience VFuels can bring to the table while supporting the growth of Nigeria’s energy infrastructure.”

Building on this successful track record and project delivery, VFuels LLC & Lambert Electromec Ltd. have been selected to design, engineer, fabricate, and commission the second module of 5,000 bpd for Waltersmith, which commenced in Q4 2023."