Oil & Energy
Ondo Partners Firm To Build Modular Refinery
Ondo State government has partnered with Crown Refinery and Petrochemical Limited to build a modular refinery in the coastal area of the state.
The state, in partnership with the firm, has agreed to establish the modular refinery and unlock job opportunities for residents.
The initial cost of the project is said to be $500m.
It was gathered that the state would provide only the land while the company will provide the equipment and the personnel, some of whom would be employed from the state.
To set the ball rolling, the state and the company recently signed a Memorandum of Understanding on the multimillion-dollar project proposed to be sited in Ugbonla and Ogboti coastal towns in the Ilaje local government area of the state.
It was learnt that the project would foster the development of the area and consequently boost the economy of the state, as it was projected to employ over 2,000 people, both directly and indirectly.
The state Governor, Mr Rotimi Akeredolu, while receiving the MoU from the Secretary to the State Government, Mr Sunday Abegunde, who had earlier signed the document with the representatives of the company, expressed delight over the development.
According to him, the door of the state is open to all genuine investors to do business with it, and his administration is committed to making the state a business hub for investors.
He said: “Ondo State is safe for investors; we will do everything to ensure that this project is successful. Ondo State is strategically positioned among the Niger Delta States and Lagos State, which is the nation’s economic nerve centre, to make all business-minded investors reap bountifully from their investments in the state.”
Earlier, the Chief Executive Officer, Crown Refinery and Petrochemical, who led the team to the governor’s office, Mr Kassim Adeleke, said the company had approached some states for the establishment of the project but was not welcomed.
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