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SIFAX Boss, Taiwo Afolabi gets refinery Licence
Barr. Taiwo Afolabi: From Shipping magnate to Oil Czar

SIFAX Boss, Taiwo Afolabi gets refinery Licence

Mustapha Isiaka

Executive Vice Chairman/Chief Executive Officer of SIFAX Group, Barr. Taiwo Afolabi is a very happy man. Though, the  ever cheerful gentleman hardly wears a frown, his face is  even more joyous these days with the news that he is about to move from a shipping magnate to an oil czar having now been given the licence to build a refinery!

Fondly called Chairman, Barr. Afolabi and his SIFAX Group who are more known for their adventure in the area of Shipping and related business got the licence after four harrowing years of waiting for approval from the Department of Petroleum Resources.

An insider revealed that the SIFAX Oil & Gas team had submitted a thorough technical application during which they invested millions of dollars in Italian Consultants on the project but for some inexplicable reason the licence was not granted until late last month.

We gathered that the SIFAX Refinery will be novel in that it will be located in Apapa, somewhere around the Snake Island-and when it becomes operational, it will be delivering products via barges direct to its self-owned Tank farms. That is not all, its location will also make export of its various products seamless.

It will be recalled that SIFAX joined the Oil industry in October 2010 when it was involved in the importation of Premium Motor Spirit (PMS). Its entry through that route was just a stepping stone to its more ambitious vision of becoming a major player in the industry-and now with the building of this private refinery, it is ready to join the big league.

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