BINL Partners Ondo Government to Build $15bn Refinery
A major investment is underway in Ondo State, Nigeria, as Backbone Infrastructure Nigeria Limited (BINL) partners with the state government to build a $15 billion oil refinery. The refinery, located at the Sunshine Industrial Park in Ogboti, Eruuna, will have a production capacity of 500,000 barrels per day, significantly boosting the local economy.
The project is a joint venture between BINL and the Ondo State Government, represented by the Ondo State Development and Investment Promotion Agency (ONDIPA). Construction of the refinery will be done in phases, with the first phase expected to be completed within 48 months. BINL is also exploring a potential partnership with the Nigerian National Petroleum Corporation Limited (NNPCL) to facilitate the delivery of this state-of-the-art crude oil refinery.
The refinery will not only cater to local consumption but also provide petroleum products for the international market. According to Mr. Wale Adekola, BINL’s Vice President for Corporate Services, the refinery will provide petroleum products for local consumption, feedstock for other local industries, and petroleum products for the international market.
A notable aspect of this project is the establishment of the Sunshine Free Trade Zone (FTZ) in the Ilaje Local Government Area of Ondo State. This development is anticipated to create numerous job opportunities and stimulate economic growth, showcasing the partners’ commitment to developing the state’s infrastructure and fostering economic development.
The project is expected to have a significant impact on the local economy, creating thousands of jobs and positioning Ondo State as a major industrial and export hub in the region. The refinery complex will feature an extensive infrastructure rollout, including roads, storage tanks, terminals, loading bays, and modern handling equipment.
With its strategic location and potential partnerships, the refinery is poised to become a major player in Nigeria’s oil and gas industry. The $15 billion investment will undoubtedly contribute significantly to the country’s economic growth and development, marking a substantial milestone for Ondo State and Nigeria as a whole.
This project demonstrates the potential for collaborative efforts between private companies and state governments to drive economic growth and development in Nigeria. As the project progresses, it will be exciting to see the development of one of Nigeria’s most significant oil refineries takes shape. #BINL Partners Ondo Government to Build $15bn Refinery#
