Walter Smith modular refinery did not start operations recently.
It started operations in 2020, when Buhari was still around.
It is located in Egbema, Imo State, and the refinery is owned by Kogi State billionaire Abdulrazaq Isa.
Walter Smith does not refine fuel at the moment.
They don’t refine Avatiion fuel as well.
They only produce diesel,NAPHTA, industrial oil, and kerosine.
At the moment, the refinery has the capacity to refine 5,000 metric tonnes of crude oil daily, with plans to expand it to 40,00 metric tonnes of crude oil refining capacity in the next 3 years.
The refinery business is a profitable business in this part of the world.
Walter Smith recouped the money spent building the refinery in less than one year, and they can’t even meet demand; hence, they want to expand.
The demand for Walter Smith products is so intense that you queue for days and pay your money in advance with plenty of time before Walter Smith management attends to you.
Though building a modular refinery would cost at least $50 million, it is not cheap.
Not only that, they have recouped their money and are channelling it for expansion
The refinery is about to install catalyst in the next 2 years, and it will cost them $100 million to do so.
With the catalyst in place, Walter Smith will be able to refine fuel from crude oil free stock.
They will be able to refine aviation fuel tol.
Aviation fuel is the fuel that is used by the local airlines.
Proud of what Isa is doing with Walter Smith
He has quietly raised the bar and has challenged my generation of entrepreneurs to think big as well, challenging us not to settle for small boys business and showing us with his own examples that it is possible.