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Fri, Mar

Ondo State Government Signs Pact On Modular Refinery

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In a bid to curb the menace of illegal bunkering in Ondo State, while boosting its revenue base, the state government in partnership with a firm, Crown Refinery and Petrochemical Limited has signed a Memorandum of Understanding (MoU) to start a modular refinery in the riverine area of the state. The pact believed to be worth $500 million will lead to the creation of jobs for the teeming unemployed youths in the state.

 

Chief Executive Officer and Chairman of Liquid Waste Energy Limited, Mr. Kareem Adeleke, who led other partners like a German company, Siemens, said the company would produce 30,000 barrels per day. He hinged the project on the noticeable vacuum in the supply of petroleum products in Nigeria and the West African markets, saying the company is set to meet up the increasing demand.

“This has been largely unmet by the existing supply from refineries in the region. Nigeria has four major refineries. “However, the West African sub-region still imports most of her petroleum products. This is the gap that Crown Refinery & Petrochemical Limited is set up to fill,” he said.

According to him, the core mandate is refining crude oil into premium petroleum products, manufacturing lubricants and specialized packaging for products to meet the needs of their valued clients. Besides, Adeleke disclosed that there would be site inspection today to Ilaje Local Council where the state government ceded over 170,000 hectares of land for the refinery to be completed in 36 months.

He said the Siemens partner would generate 40,000 megawatts for the company, which would also create 2,000 direct and indirect labour for the people, aside from other fringe benefits for host-communities.

On his part, the state governor, Mr. Oluwarotimi Akeredolu, assured the nine-member board for the modular refinery that the government would provide the enabling environment and incentives to support the actualization of the project. Akeredolu, affirmed his administration determination to make the state friendly for investments and business transaction through the Ondo State Development and Investment Promotion Agency (ONDIPA).

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