Waltersmith showcases expanded refinery to NCDMB, unveils new growth plans
The indigenous energy firm doubled refinery capacity to 10,000bpd and used the visit to outline a wider push into gas, petrochemicals and industrial growth.
Waltersmith has doubled the capacity of its modular refinery in Imo State and announced a fresh expansion drive that includes a 30,000 barrels per day condensate refinery and an industrial park, signalling a deeper push by indigenous operators into Nigeria’s midstream and manufacturing value chain.
The new phase was presented on Thursday during a visit to the Waltersmith refinery in Ohaji-Egbema by officials of the Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The visit focused on the newly completed expansion of Waltersmith’s existing refinery, which has increased output from 5,000 barrels per day to 10,000 barrels per day.
NCDMB had invested equity in Waltersmith Refining and Petrochemical Company Limited in 2018, helping to catalyse the project ahead of the commissioning of the first phase in November 2020. The Board also participated in the latest expansion, which is now operational and producing diesel, household kerosene, heavy fuel oil and naphtha.
According to the company, the refinery has supplied more than 1.1 billion litres of refined products to local and regional markets, with most volumes serving the South-East and South-South, while heavy fuel oil is distributed across parts of West Africa.
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Representing the Executive Secretary of NCDMB, Director of Legal Services, Dr Naboth Onyesoh, described Waltersmith as a strong example of local content execution through direct and indirect job creation, capital retention, industrialisation, import substitution and value addition to Nigeria’s crude oil and gas resources.
Waltersmith Chairman Abdulrazak Isa said the visit was organised to showcase the completed expansion to the new leadership of NMDPRA and to unveil the company’s next development phase.
He said Waltersmith had grown from owning one oil field at inception three decades ago to building interests in multiple assets, including stakes in Renaissance Africa Energy Ltd, which acquired the former Shell Petroleum Development Company of Nigeria assets in March 2025.
Isa announced that the company plans to commence two additional expansion phases, including the construction of a 30,000-barrels-per-day condensate refinery and an industrial park to host gas-based industries.
He added that Waltersmith intends to develop a gas pipeline capable of delivering 100 million standard cubic feet of gas per day and provide embedded captive power to attract companies to co-locate within the industrial park.
“Plans are afoot to conclude the partnership agreement for the condensate refinery by the fourth quarter of 2026,” he said, adding that feedstock for the integrated developments would come from the Ibigwe and Assa fields, as well as nearby fields.
Isa also stressed the company’s intention to expand into petrochemicals, leveraging access to gas and naphtha, which he described as strategic inputs for industrial growth.
The Authority Chief Executive of NMDPRA, Saidu Mohammed, expressed satisfaction with the progress of the facility and pledged regulatory support for the planned expansion.
He said the midstream segment of the petroleum industry holds the key to Nigeria’s economic development, adding that projects of that scale represent the ambition of every administration.
Mohammed described Waltersmith as “an octopus in the midstream sector” and challenged the company to accelerate delivery of the proposed condensate refinery.
He also commended NCDMB for backing the project, describing the partnership with Waltersmith as a runaway success.
