- The Ondo State Government and BINL have announced plans to construct a 500,000 barrel per day (bpd) refinery.
- BINL’s Vice President for Corporate Services said the refinery will provide petroleum products for local consumption, feedstock for other local industries and petroleum products for the international market.
The Ondo State Government and a multi-sectoral infrastructure development company, Backbone Infrastructure Nigeria Limited (BINL), have announced plans to construct a 500,000 barrel per day (bpd) refinery.
The facility will be located at the Sunshine Industrial Park in Ogboti, Eruuna, and the Sunshine Free Trade Zone (FTZ) in Ilaje Local Government Area of the state.
According to BINL, which has offices in Abuja, London, and Zug (Switzerland), the project will be phased, commencing with a 100,000 bpd refinery.
And as part of efforts to formalise the arrangement, the Company’s management has scheduled a courtesy visit to Governor Lucky Aiyedatiwa of Ondo State with the MoU expected to be signed to kick start the delivery of the projects as BINL is also exploring partnership with the Nigerian National Petroleum Corporation Limited (NNPC) to facilitate the delivery of the ultra-modern crude oil refinery.
BINL’s Vice President for Corporate Services, Mr Wale Adekola, said the refinery will provide petroleum products for local consumption, feedstock for other local industries and petroleum products for the international market.
According to Adekola, the refinery project will include the construction of roads, storage tanks, loading bays, terminals, and handling equipment, while the scope of the Free Trade Zone Project includes the development of the required infrastructure and facilities for the effective operation and management of the Free Trade Zone.
He also added that the development framework will involve a comprehensive and strict governance structure and the local community’s development in compliance with international standards and relevant laws.
“These projects will contribute significantly to reducing Nigeria’s trade deficit, conserving foreign exchange reserves, increasing government revenue and economic development.
“At the state and local levels, these projects will create local jobs and stimulate the local economy through increased demand for goods and services.
“The Corporate Social Responsibility (CSR) strategy includes community engagement programs such as education initiatives, local employment quotas, and infrastructure development for surrounding communities, as well as engaging local stakeholders early to mitigate potential opposition to the project,” Adekola stated.