Ondo to begin Nigeria’s second largest oil refinery
To produce 500,000 barrels per day
By Omolade Adegbuyi
The Government of Ondo State has launched an ambitious refinery project that will produce 500,000 barrels of oil per day.
The project has already received the blessing of the Federal Government.
The construction of the refinery will last for four years and it is expected to be the second largest refinery in Nigeria after Dangote Refinery, sources told Irohinoodua
The refinery will be built by Backbone Insfrastructure Nigeria Limited and the Ondo State Government.
It is expected to create thousands of jobs.
The refinery is expected to cost $15bn
Backbone Infrastructure Nigeria Limited (BINL) in statement made available to Irohinoodua said the project will be cited at the Sunshine Industrial Park in Ogboti, Eruuna, and the Sunshine Free Trade Zone (FTZ), located in Ilaje Local Government Area of Ondo State.
The project is a joint venture with the Ondo State Government, through the Ondo State Development and Investment Promotion Agency (ONDIPA).
Irohinoodua was informed that the Dangote Refinery was originally planned to be located in Ondo State but the effort was stalled by politicians who were demanding for graft and other personal benefits
The new refinery is expected to cost $15 billion, with the first phase scheduled for completion within 48 months, sources said
BINL said it plans to work with the Nigerian National Petroleum Company Limited (NNPC Ltd.) in the area of delivery of the state-of-the-art crude oil refinery.
BINL said it already met the State Governor, Hon. Lucky Aiyedatiwa for Memorandum of Understanding, (MOU)
BINL’s is led by Mr Wale Adekola.
He said the BINL refinery will provide petroleum products for local consumption, feedstock for other local industries and petroleum products for the international market.
According to him, other aspects of the project are the construction of roads, storage tanks, loading bays, terminals and handling equipment.
He said the scope of the Free Trade Zone Project would embrace infrastructure and facilities for.a successful Free Trade Zone.
