Waltersmith Refining and Petrochemical Company Limited has announced plans to launch two further phases of expansion, including the construction of a 30,000 barrels per day condensate refinery and an industrial park to accommodate gas-based firms. The announcement was made during a visit by the Executive Secretary of the Nigerian Content Development and Monitoring Board and the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority to inspect the company’s newly completed expansion in Ohaji-Egbema, Imo State.
The firm has grown from owning one oil field 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 in March 2025. The NCDMB invested equity in the Waltersmith modular refinery in 2018, helping catalyse the investment that led to the commissioning of the first phase of the plant in November 2020. The refinery has since supplied over 1.1 million litres of products including diesel, kerosene, heavy fuel oil and naphtha.
The company disclosed that it would develop a gas line capable of delivering 100 million standard cubic feet of gas per day and provide embedded captive power to attract industries to co-locate in the industrial park. Plans are underway to conclude partnership agreements for the condensate refinery by the fourth quarter of 2026. Feedstock for the integrated expansions will come from the Ibigwe and Assa fields, as well as from nearby fields. The chairman underlined the company’s determination to invest in the petrochemical sector, leveraging its access to gas and naphtha.
The NMDPRA chief executive expressed delight at the success of the facility and promised the agency’s support for the company’s expansion plans, describing Waltersmith as an octopus in the midstream sector and challenging the company to hasten the development of the condensate refinery. The NCDMB chief commended the partnership, noting that the project had become a runaway success. The refinery is now fully operational, producing diesel, household kerosene, heavy fuel oil and naphtha.
