Ondo State is set to have it’s first petroleum refinery as Backbone Infrastructure Nigeria Limited (BINL) has announced plans to build a 500,000 barrels per day (bpd) oil refinery in Ondo State.
According to the company, the refinery will be built at the Sunshine Industrial Park in Ogboti, Eruuna, and the Sunshine Free Trade Zone (FTZ), located in Ilaje Local Government Area of Ondo State.
In a statement released on Wednesday, the company revealed that the project is a joint venture with the Ondo State Government, through the Ondo State Development and Investment Promotion Agency (ONDIPA).
The refinery is expected to cost $15 billion, with the first phase scheduled for completion within 48 months.
BINL also claimed that it working on securing a partnership with the Nigerian National Petroleum Company Limited (NNPC Ltd.) to support the delivery of crude oil to the refinery.
The company’s Vice President for Corporate Services, Mr Wale Adekola, added that the refinery will provide petroleum products for local consumption, feedstock for other local industries and petroleum products for the international market.
The refinery project is expected to include the construction of roads, storage tanks, loading bays, terminals and handling equipment.
Credit: The Hope Newspaper
