Waltersmith plans condensate refinery, industrial park expansion

Waltersmith Refining and Petrochemical Company Limited is forging ahead with ambitious expansion plans, signaling a significant boost for Nigeria's midstream and downstream petroleum sector. The company announced its intention to construct a 30,000 barrels per day condensate refinery and a dedicated industrial park designed to host other gas-based industries. This move underscores Waltersmith's strategic vision to deepen its involvement in Nigeria's energy value chain.

“

The visit was to inspect the newly completed expansion of the firm’s refining capacity, from 5,000 barrels per day (bpd) to 10,000 bpd.

The recent successful expansion of its modular refinery, increasing capacity from 5,000 to 10,000 bpd, serves as a strong foundation for these new ventures. This phase, supported by an equity investment from the Nigerian Content Development and Monitoring Board (NCDMB) in 2018, culminated in the plant's commissioning in November 2020. The visit by the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Saidu Mohammed, and NCDMB officials was a testament to the project's success and Waltersmith's growth trajectory.

“

The company had grown from owning one oil field at inception three decades ago, to expanding to several fields, including owning stakes in Renaissance Africa Energy Ltd, which acquired the entire assets of Shell Petroleum Development Company of Nigeria (SPDC) in March 2025.

Chairman of Waltersmith Petroman, Abdulrazak Isa, highlighted the company's evolution from a single oil field owner three decades ago to a significant player with stakes in various ventures, including the acquisition of Shell Petroleum Development Company of Nigeria's assets. The planned development of a gas line and captive power for the industrial park aims to create an attractive ecosystem for co-located industries, further diversifying Nigeria's industrial base.

“

The Chairman underlined the company’s determination to invest in the petrochemical sector, leveraging on its access to gas and Naphtha, noting that the petrochemical industry is a key enabler of the economy.

Isa also emphasized the company's commitment to the petrochemical sector, leveraging its access to gas and Naphtha. The Chairman sought necessary approvals from NMDPRA for the upcoming developments, underscoring the collaborative spirit required to realize these projects. The NMDPRA's support, as expressed by Saidu Mohammed, is crucial, with the authority recognizing the midstream sector's pivotal role in national economic development. Waltersmith's "octopus"-like presence in the midstream sector, as described by Mohammed, positions it as a key driver of this development.

“

He said the midstream sector of the petroleum industry holds the key to the nation’s economic development, adding that the establishment of such projects is the dream of every administration.