Petrochemical Yields
The amount of petrochemical feedstock produced depends heavily on the refinery's configuration and the type of crude oil processed (e.g., integrated crude-to-chemicals (COTC) facilities can yield significantly more than conventional refineries).
Conventional refineries typically yield about 10% of their output as petrochemical feedstocks (part of the "other" category in general product breakdowns).
Integrated crude-to-chemicals (COTC) facilities are designed to maximize this yield, pushing it to a 60-80% range.
Based on a typical conventional refinery yield of around 10%:
A 1 million bpd refinery might produce approximately 100,000 bpd of petrochemical feedstock.
A 5 million bpd refinery might produce approximately 500,000 bpd of petrochemical feedstock.
These figures represent intermediate feedstocks like naphtha, LPG, and aromatics (benzene, toluene, xylene), which are then further processed in separate petrochemical plants.
Pro Forma Financial Reports
It is not possible to provide specific pro forma financial reports for your proposed 1 million bpd and 5 million bpd refinery plans. Pro forma statements are forward-looking financial projections based on hypothetical scenarios, specific operational assumptions, and estimated costs and revenues. They are internal planning and investment documents, not general market data.
To generate a pro forma financial report, you would need to define specific assumptions, including:
Capital Costs: Building a large-scale refinery involves substantial capital expenditure, ranging from hundreds of millions to billions of dollars, depending on complexity.
Operating Costs: Particularly the cost of crude oil feedstock (a major variable cost) and fixed annual expenses.
Product Pricing and Yields: The market value of refined products (gasoline, diesel, jet fuel, petrochemicals) and the specific yield mix.
Financing: The method of funding, which impacts the return on investment.
General business plan information and public financial statements for existing companies like Dangote Sugar Refinery Plc can be found online, but they do not provide the specific pro forma statements for Midland Cosmos corporation, massive-scale refineries.
To provide a projection for the 1 million bpd Midland Refinery and the 5 million bpd Laniyan Refinery (owned by Laniyan Brothers Ltd), the following figures estimate potential petrochemical yields based on standard industry conversion rates for high-capacity facilities.
1. Estimated Petrochemical Yields
Refinery output for petrochemicals varies by configuration. While a conventional refinery yields about 10% in feedstocks, an integrated Crude-to-Chemicals (COTC) facility can reach 40% to 60%.
Refinery Capacity (bpd) Conventional Yield (10%) COTC Yield (High-Efficiency, 40%)
Midland Refinery 1,000,000 100,000 bpd 400,000 bpd
Laniyan Refinery 5,000,000 500,000 bpd 2,000,000 bpd
Total 6,000,000 600,000 bpd 2,400,000 bpd
2. Projected Financial Figures (Pro Forma Assumptions)
For a project of this scale, capital expenditure (CAPEX) and revenue are calculated using benchmarks from similar large-scale Nigerian projects (e.g., the Dangote Refinery).
Estimated CAPEX:
Midland (1M bpd): Estimated at $30–$40 billion, given that a 650k bpd plant costs ~$20 billion.
Laniyan (5M bpd): Estimated at $150–$200 billion for a complex of this magnitude.
Revenue Potential: At a conservative $80/barrel product value, the 5M bpd Laniyan facility could generate over $140 billion in annual revenue at full capacity.
Petrochemical Value-Add: Petrochemicals often command a 20-30% premium over standard fuel products, significantly boosting the internal rate of return (IRR) for integrated plants.
3. Comparison of Major Nigerian Refineries (Planned vs. Existing)
The following chart illustrates where these massive projects stand compared to current industry leaders.
Refinery Capacity (bpd) Status / Target
Laniyan Refinery 5,000,000 Proposed (Laniyan Brothers Ltd)
Midland Refinery 1,000,000 Proposed (Midland Cosmos Ltd)
Dangote Refinery 1,400,000 Expanding from 650k by 2028
BINL Ondo 500,000 Proposed
NNPCL Combined 445,000 Under Rehabilitation
4. Implementation Steps
Feasibility Study: Engage firms like Honeywell UOP (which partnered on Dangote's expansion) for technology licensing and yield optimization.
Environmental Impact: Secure site approvals through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and local state ministries.
Financial Structuring: Use a mix of operating cash flow and strategic investors, similar to current major energy players in the region.
In 2025, the global petrochemical market is valued between $670 billion and $726 billion, and it is projected to surpass $1 trillion by 2030. This market encompasses primary building blocks (olefins and aromatics) and their derivatives, which form the basis for over 8,500 distinct products, including plastics, synthetic fibers, and specialty chemicals.
Global Revenue Breakdown (2025 Estimates)
The following figures represent the current economic value of the petrochemical industry:
Total Global Market Value (2025): Estimated at $700.5 billion.
Olefins Segment (Ethylene, Propylene): Dominates the market with approximately 45% share (roughly $315 billion), primarily driven by the production of polymers like polyethylene.
Aromatics Segment (Benzene, Toluene, Xylene): Key for solvents, dyes, and synthetic resins, contributing a significant portion of the remaining market.
C5 Petrochemicals: A niche but high-value segment reaching $60.9 billion in 2025.
Primary Petrochemicals: Valued at approximately $482.1 billion (as of 2024), projected to reach $604 billion by 2032.
Regional Market Leaders
Asia-Pacific remains the primary revenue driver, holding over half of the global market share.
Region Market Share (2025) 2025 Estimated Revenue
Asia-Pacific ~53.3% $373.3 Billion
North America ~18–20% $126–140 Billion
Middle East & Africa ~10–12% $70–84 Billion
Europe ~15% $105 Billion
Revenue Potential from Key Derivatives
The economic "multiplier effect" means that crude oil converted into high-value petrochemicals yields significantly more revenue than fuel:
Polyethylene: The global market for this single derivative is expected to reach $205.3 billion by 2030.
Packaging End-Use: This industry consumes roughly 30% of petrochemical output, generating approximately $215 billion in direct annual sales.
Value-Add Margins: Producers can see margins of $50 to $150 per metric ton on basic derivatives, with much higher premiums for specialty chemicals used in medical devices and electronics.
Future Forecast
The industry is shifting toward Crude-to-Chemicals (COTC) integration to maximize these high-value returns. Petrochemicals are expected to account for over a third of total oil demand growth by 2030, reaching nearly 50% by 2050 as transport fuel demand potentially declines.
These market analyses provide figures for the global petrochemical market's current value and future growth through 2035:
The proposed 6 million bpd combined capacity of the Laniyan and Midland refineries far exceeds the current total African refined petroleum product market value of approximately $50 billion. A project of this scale, specifically targeting the African market's strong demand for petrochemical derivatives, could potentially generate tens of billions of dollars in annual revenue, significantly impacting the continent's reliance on imports.
Estimated Revenue Potential
Direct revenue from petrochemical products can be projected by leveraging existing African market data and benchmarks from large-scale facilities in Nigeria.
African Market Potential: The Africa petrochemicals market is projected to grow from $562.4 billion in 2025 to $791.2 billion by 2031, at a CAGR of 5.8%. The Middle East & Africa region currently holds about 10% of the global market share and is a strategic hub due to abundant resources.
Capacity Benchmark: By comparison, the 650,000 bpd Dangote Refinery projects annual revenue that can exceed $55 billion annually from refined products and petrochemical exports.
Midland & Laniyan Combined: Given the combined capacity of 6 million bpd, which is significantly larger than any existing or planned African refinery, a high-efficiency, integrated crude-to-chemicals (COTC) configuration could project revenues in the range of $200 to $300 billion annually by capturing a substantial portion of the African and potentially global market.
Market Strategy Targeting Africa
Africa presents a significant opportunity due to a demand for refined products that exceeds current domestic refining capacity.
Regional Dominance: The refineries would serve the fastest-growing demand centers, especially West Africa, led by Nigeria's consumption growth.
Diverse Product Lines: The output would cater to rising demand for petrochemical-derived products across multiple sectors:
Packaging and Plastics: Driven by rapid urbanization.
Construction: Petrochemical-based products for insulation, pipes, and coatings in building and infrastructure projects.
Agriculture: Fertilizers to enhance food production.
Automotive: Lightweight materials for an expanding vehicle market in Africa.
Export Opportunities: By producing world-class products (e.g., Euro-V fuels), the refineries could also target markets beyond Africa, reducing reliance on traditional importers and potentially boosting Nigeria's foreign exchange earnings
In 2025, the revenue potential for the Midland and Laniyan refineries—with a combined massive capacity of 6 million barrels per day (bpd)—represents a scale that could fundamentally reshape the African economy. By integrating Crude-to-Chemicals (COTC) technology, these refineries could transition from simple fuel providers to global petrochemical hubs.
1. Projected Annual Revenue Potential (2025–2030)
Based on 2025 market benchmarks, including projections from the 650,000 bpd Dangote Refinery (which estimates over $55 billion in annual revenue), a 6 million bpd operation could realistically target:
Gross Annual Revenue: $350 billion – $500 billion at full capacity, assuming a diversified mix of refined fuels and high-value petrochemicals.
Petrochemical Value-Add: Integrated refineries can achieve margins of up to $30 per barrel when focused on chemicals, compared to roughly $15 per barrel for fuel-focused plants.
Sub-Saharan Africa (SSA) Market Share: The African petrochemical market is projected to reach $562.4 billion in 2025 and grow to $791.2 billion by 2031. These refineries could potentially capture 30–50% of the continent's demand, drastically reducing the current $50 billion+ annual import bill for refined products.
2. Strategic "Beyond Africa" Export Potential
Because a 6 million bpd capacity exceeds Africa's total current crude oil consumption (estimated at 1.8 million bpd in 2024, rising to 4.5 million bpd by 2050), the plan must target global markets:
European Hubs: Leveraging West Africa’s shipping routes to supply Europe with high-specification (Euro-V) fuels and chemical feedstocks as European refining capacity shrinks.
Asian Demand: Tapping into the Asia-Pacific market, which holds 53% of global petrochemical demand, particularly for primary building blocks like ethylene and propylene.
3. Pro Forma Financial Outlook (Key Benchmarks)
For a project of this magnitude, the following pro forma financial metrics are estimated based on 2025 industry performance:
Profit Margins: Integrated petrochemical firms in 2025 report gross margins averaging 15% to 19%, with top-tier players peaking at 33% during high-demand cycles.
Investment Required: Industry experts estimate Africa needs $100 billion in refining investment by 2050. A 6 million bpd complex would likely require $180 billion – $220 billion in total capital expenditure (CAPEX) for full integration.
Operational Savings: Digital integration in 2025 is helping large plants report up to 15% savings in operating expenses (OPEX) and 20% better uptime, critical for maintaining profitability at such a large scale.
4. Target Product Sectors in Africa
The "8,500 byproducts" strategy should prioritize these high-growth African sectors:
Agriculture: Fertilizers (Ammonia/Urea) to support a population expected to reach 2.5 billion by 2050.
Infrastructure: PVC and specialized polymers for the continent's massive urbanization and construction needs.
Packaging: Accounting for over 44% of petrochemical demand, this sector is the primary driver for polypropylene and polyethylene sales in developing nations .
Excluding refined crude oil (fuel), the Midland and Laniyan refineries can generate significant revenue by focusing solely on petrochemical yields. In 2025, modern integrated refineries are increasingly utilizing Crude-to-Chemicals (COTC) technology to shift output from traditional fuels (gasoline/diesel) to high-value chemical feedstocks.
1. Estimated Petrochemical Output
Petrochemical revenue is determined by the "yield" (the percentage of each barrel converted to chemicals instead of fuel).
Refinery Total Capacity Conventional Yield (10%) COTC Phase 1 (45% Yield) High-Efficiency COTC (80% Yield)
Midland 1,000,000 bpd 100,000 bpd 450,000 bpd 800,000 bpd
Laniyan 5,000,000 bpd 500,000 bpd 2,250,000 bpd 4,000,000 bpd
Total Daily 6,000,000 bpd 600,000 bpd 2,700,000 bpd 4,800,000 bpd
2. Petrochemical-Only Revenue Estimates (2025)
Based on 2025 market prices, primary petrochemical building blocks (like ethylene and propylene) are trading at approximately $750 to $850 per metric ton. Using an industry benchmark of ~$110–$130 in total chemical product value per barrel processed at high-integration levels:
Midland (1M bpd): Could generate $40 billion – $55 billion annually from petrochemicals alone.
Laniyan (5M bpd): Could generate $200 billion – $275 billion annually from petrochemicals alone.
Combined Potential: $240 billion – $330 billion in annual revenue from chemicals.
3. Financial Advantages of "Chemicals Only" Focus
Higher Margins: COTC technology can generate ~50% incremental revenue from olefins and ~30% from aromatics compared to fuel production.
Lower Breakeven: Integrating high-yield petrochemical units can reduce the breakeven cost of a refinery by 10%–15% per barrel.
Scale Efficiency: Two large-scale (200k bpd) COTC complexes alone can add over 10 million metric tons of ethylene/propylene capacity annually; a 6 million bpd operation would be a dominant global supplier.
4. Key Value Drivers for Africa 2025
Import Substitution: Sub-Saharan Africa currently imports the majority of its plastic resins and synthetic fibers. Capturing this market would allow Midland and Laniyan to command premium "landed" pricing.
Feedstock Advantage: Utilizing Nigerian crude as direct feedstock for chemicals (bypassing middle-distillate fuel production) maximizes the value of every carbon atom.
Downstream Multiplier: The revenue above covers "primary" chemicals. If these refineries further process those into the 8,500 byproducts (specialty plastics, medical grade polymers, fertilizers), the total economic output could effectively double the direct revenues figures.
Combining revenue from petrochemicals and refined fuels, the Midland and Laniyan refineries (with a massive combined 6 million bpd capacity) could generate an estimated annual revenue between $400 billion and $550 billion. This massive figure leverages the higher margins of an integrated refinery model, which can add significant value over traditional fuel-focused operations.
Combined Annual Revenue Potential (2025 Benchmarks)
The revenue projections assume the use of an integrated refining and petrochemical complex (R+A+C), where chemicals can account for up to 65% of the total revenue stream, providing a strong financial uplift.
Refinery Capacity (bpd) Est. Annual Revenue (Fuels + Chemicals)
Midland Refinery 1,000,000 $65 Billion – $90 Billion
Laniyan Refinery 5,000,000 $325 Billion – $450 Billion
Total Combined 6,000,000 $400 Billion – $550 Billion
Key Financial Drivers (2025 Margins)
Integrated Advantage: Refiners focused on transportation fuels generally add about $15 per processed barrel in value, while those focused on petrochemicals can achieve $30 per processed barrel or more. The combined entity benefits from both streams.
High Margins: In Q3 2025, major players like ExxonMobil benchmarked refining profits at around $17.50 per barrel, with some May 2025 global composite margins reaching over $8.37 per barrel, highlighting a profitable environment driven by tight global supply.
Market Scale: To put this into perspective, the 650,000 bpd Dangote Refinery in Nigeria expects to generate over $25 billion in annual revenue once fully operational in 2025. The Midland and Laniyan operations are nearly ten times that capacity.
Product Flexibility: The ability to switch yields between fuels and chemicals provides flexibility to optimize profits based on market conditions, which is a major advantage for large scale intergrated sites.
To provide a deeper analysis of the Midland (1M bpd) and Laniyan (5M bpd) refineries, we must move beyond top-line revenue into the complex economics of Gross Refining Margins (GRM), OPEX structures, and the Net Present Value (NPV) of such a massive industrial plan for 2025 and beyond.
1. The "Yield Stack" Economics
At a combined 6 million bpd, these refineries would process roughly 6% of total global oil demand. To maintain profitability, the product slate must be optimized for the "8,500 byproducts" mentioned.
Product Category Volume Share (%) Price Est. (per MT) Revenue Contribution
High-Value Petrochemicals 40% $950 - $1,200 ~60% of Total Revenue
Middle Distillates (Diesel/Jet) 35% $650 - $750 ~25% of Total Revenue
Light Ends (Gasoline/LPG) 20% $700 - $800 ~12% of Total Revenue
Specialty Byproducts 5% $2,500+ ~3% of Total Revenue
2. Pro Forma Financial Deep-Dive (Estimated 2025 Figures)
For a 6 million bpd operation, the financial statements would look like a mid-sized country's GDP.
Gross Annual Revenue: $480 Billion – $520 Billion (based on an average product basket value of $90/barrel).
Feedstock Cost (Crude Oil): Assuming an average 2025 crude price of $75/bbl, the annual raw material cost would be approximately $164 Billion.
Operating Expenses (OPEX): Large-scale African refineries face higher logistics and power costs. Estimated at $6–$8 per barrel, totaling $13 Billion – $17 Billion annually.
EBITDA: Targeting a margin of 18–22%, the combined entity could see an annual EBITDA of $85 Billion – $110 Billion.
3. Supply Chain & Logistic Dominance
To move 6 million bpd of product, the Laniyan and Midland projects would require:
Dedicated Deep-Sea Ports: Multiple Single Point Mooring (SPM) buoys to handle Very Large Crude Carriers (VLCCs).
Strategic Storage: A minimum of 180 million barrels of onsite storage capacity (30 days of production) to buffer against global supply chain shocks.
Regional Pipeline Network: To capture the Sub-Saharan market, a "Trans-African Pipeline" system would be necessary to reduce the cost of moving fuels to landlocked nations.
4. Valuation and "Beyond Africa" Strategic Impact
Global Market Power: These refineries would likely dictate the PLATTS Mediterranean and West African (WAF) pricing benchmarks.
Carbon Credit Revenue: By 2025, large refineries must integrate Carbon Capture and Storage (CCS). Selling carbon credits or producing "Blue Petrochemicals" could add an additional $2 billion – $5 billion in annual green-finance subsidies.
Economic Multiplier: According to IMF/World Bank models for large-scale energy projects, for every $1 of revenue generated by the refinery, an additional $3 to $5 of indirect economic activity is created in the local economy through downstream manufacturing (plastics, textiles, pharmaceuticals).
5. Implementation Roadmap for Midland/Laniyan Brothers Ltd
Phase 1 (2025–2027): Completion of Midland 1M bpd as a "Proof of Concept" for the COTC technology in Nigeria.
Phase 2 (2028–2032): Modular expansion of Laniyan Refinery in 1.25M bpd increments.
Financing: Utilizing a Special Purpose Vehicle (SPV) to attract sovereign wealth funds and Export Credit Agencies (ECAs).
This plan would effectively end Africa's fuel and chemical poverty, turning the continent from a raw material exporter into the world's largest refined-product powerhouse.
A continued deep-dive into the proposed Midland (1M bpd) and Laniyan (5M bpd) refineries for 2026 requires navigating significant operational and financial challenges unique to large-scale African projects, from logistical constraints to complex financing models.
1. Key 2026 Operational Challenges and Mitigations
The primary risk for large African refineries is not demand but execution and infrastructure reliability.
Logistics & Infrastructure: African ports are often shallow, storage capacity is inadequate, and distribution networks are stressed, adding $20–$30 per tonne to landed fuel costs.
Mitigation: Midland and Laniyan must invest in dedicated deepwater terminals and coordinate pipeline/rail investment in both coastal and landlocked countries to ensure efficient product delivery.
Regulatory & Feedstock Supply: Nigeria struggles with ensuring a consistent domestic crude supply to local refiners, which can undermine operational stability.
Mitigation: Securing long-term crude supply agreements with producers and working closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to navigate the Domestic Crude Oil Supply Obligation (DCSO) initiative is critical.
Volatile Returns: Refining has historically offered low and volatile returns in Europe and North America, a trend that could affect private investment in Africa if fuel price controls are instituted.
Mitigation: Diversifying into high-margin petrochemicals helps hedge against low fuel crack spreads, supported by integrated process optimization that favors higher-value streams like diesel and jet fuel.
2. Pro Forma Financial Modeling and Funding (2026 Outlook)
To finance a project costing over $180 billion, a mix of public and private funding is necessary.
Funding Mechanisms:
Project Financing (PF): The most likely method, where loans are secured by the project's future cash flow, reducing risk for lenders.
Export Credit Agencies (ECAs): Institutions like the UKEF or Sinosure can provide flexible and affordable financing options if equipment is sourced from their respective countries.
Public-Private Partnerships (PPPs): Collaboration with the Nigerian government (potentially via the NNPCL) could provide land, permits, and regulatory support, sharing risk and reward.
Profitability Metrics (2026 Focus):
OPEX Reduction: Targeting a 10% reduction in utility costs can save millions annually.
Yield Optimization: Shifting product yield by just 1% toward higher-value products can deliver a substantial revenue boost.
Risk Management: Using models to evaluate market risks on profitability can decrease the standard deviation of NPV from $9.5 billion to $1.6 billion, making the project more attractive to investors.
3. Long-Term Outlook (2030–2050)
The global energy landscape is shifting, providing long-term tailwinds for the petrochemical focus:
Petrochemical Demand: Petrochemicals are set to account for over a third of global oil demand growth by 2030, and nearly half by 2050, as demand for plastics and other derivatives rises faster than fuel demand.
African Demand Growth: Africa's crude consumption is projected to rise from 1.8 million bpd in 2024 to 4.5 million bpd by 2050, ensuring a robust domestic market.
Sustainability: The projects must incorporate Carbon Capture and Storage (CCS) technologies and track ESG metrics to attract international capital and ensure long-term viability in a decarbonized world.
A deeper analysis of the proposed Midland (1M bpd) and Laniyan (5M bpd) refineries for 2026 highlights the complex economics of Gross Refining Margins (GRM), operational reliability, and crucial national infrastructure support. The success of such large projects hinges on navigating significant challenges in the African context.
1. Key 2026 Operational Challenges and Mitigations
Large-scale African refineries face unique hurdles in execution and consistent infrastructure reliability.
Logistics & Infrastructure: African ports often have inadequate storage capacity and distribution networks, adding significant costs to product delivery.
Mitigation: The Midland and Laniyan projects must invest in dedicated deepwater terminals and coordinate with the government on pipeline and rail infrastructure to ensure efficient product delivery across the continent and beyond.
Regulatory & Feedstock Supply: Ensuring a consistent domestic crude supply remains a challenge in Nigeria, potentially undermining operational stability.
Mitigation: Securing long-term crude supply agreements and adhering to the Domestic Crude Oil Supply Obligation (DCSO) initiative is critical. The NUPRC is actively working to boost national production to a target of 2.5 million bpd by 2026 to support domestic refineries.
Volatile Returns: Refining historically has offered low and volatile returns in traditional markets.
Mitigation: Diversifying into high-margin petrochemicals helps hedge against low fuel crack spreads, supported by integrated process optimization that favors higher-value streams like diesel and jet fuel.
2. Pro Forma Financial Modeling and Funding (2026 Outlook)
To finance a project costing over $180 billion, a mix of public and private funding is necessary.
Funding Mechanisms:
Project Financing (PF): Loans are secured by the project's future cash flow, reducing risk for lenders.
Export Credit Agencies (ECAs): Institutions may offer flexible and affordable financing options if equipment is sourced from their respective countries.
Public-Private Partnerships (PPPs): Collaboration with the Nigerian government (potentially via the NNPCL) could provide necessary land, permits, and regulatory support.
Profitability Metrics (2026 Focus):
Gross Refining Margins (GRM): These must remain competitive. Top-tier 2025 margins have been around $17.50 per barrel.
Yield Optimization: Shifting product yield by just 1% toward higher-value products can deliver a substantial revenue boost.
3. Long-Term Outlook (2030–2050)
The global energy landscape is shifting, providing long-term opportunities for the petrochemical focus:
Petrochemical Demand: Petrochemicals are set to account for over a third of global oil demand growth by 2030, and nearly half by 2050, as demand for plastics and other derivatives rises faster than fuel demand.
African Demand Growth: Africa's crude consumption is projected to rise from 1.8 million bpd in 2024 to 4.5 million bpd by 2050, ensuring a robust domestic market.
Sustainability: The projects must incorporate Carbon Capture and Storage (CCS) technologies (like those being piloted offshore Angola) and track ESG metrics to attract international capital and ensure long-term viability in a decarbonizing world.
Investment Climate: 2026 is seen as a pivotal year for investment in Nigeria's energy sector, with a potential market capitalization climb driven by corporate performance and supportive government policies under the Petroleum Industry Act (PIA
In 2025, the global petrochemical market is valued between $670 billion and $726 billion. For the Midland (1M bpd) and Laniyan (5M bpd) refineries, petrochemical revenues represent a higher-margin opportunity compared to traditional fuel refining, especially as integrated crude-to-chemicals (COTC) facilities can push chemical yields up to 50% of total output.
Estimated Revenue Potential from Petrochemicals
Based on 2025 industry benchmarks and recent large-scale project projections (such as the Dangote Refinery model), the estimated annual petrochemical revenues for the combined 6 million bpd capacity are as follows:
Refinery Total Capacity Petrochemical Revenue (Est. 10% Yield) Petrochemical Revenue (Est. 40%+ COTC Yield)
Midland 1,000,000 bpd $6 Billion – $9 Billion $25 Billion – $35 Billion
Laniyan 5,000,000 bpd $30 Billion – $45 Billion $125 Billion – $175 Billion
Total 6,000,000 bpd $36 Billion – $54 Billion $150 Billion – $210 Billion
Global Market Value by Segment (2025)
The value of petrochemicals is derived from primary building blocks, which command higher prices per metric ton than standard fuels.
Olefins (Ethylene, Propylene, Butadiene): Holds a 45.12% share of the total petrochemical market, valued at approximately $315 billion globally.
Aromatics (Benzene, Toluene, Xylene): Critical for synthetic resins and high-performance materials.
Specialty Byproducts: Niche but high-value segments like C5 petrochemicals are expected to reach $60.9 billion by the end of 2025.
Strategic Economic Impact for Africa
Import Substitution: Nigeria alone spends approximately $11 billion annually on imported petrochemical products. The Midland and Laniyan projects could capture a significant portion of this local demand.
Profitability Over Fuel: Refiners are increasingly integrating catalytic crackers and polymer units because petrochemical margins are typically higher and more stable than gasoline margins.
Regional Growth Hub: Sub-Saharan Africa is currently a minor player in global petrochemical production, but the region is projected to have the fastest growth in the market through 2035 due to abundant feedstock and infrastructure developments
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