Firm announces plan to launch $15 billion refinery project

• BINL plans to make a Free Trade Zone and physique a $15 cardinal refinery successful Ondo State's Ilaje Local Government Area, with a regular capableness of 500,000 barrels
• The project, a associated task with the Ondo State Government, volition statesman with a modular refinery producing 100,000 barrels per day, expected to beryllium completed successful 48 months
• BINL bittersweet it is committed to assemblage improvement done CSR initiatives and infrastructure, portion collaborating with the Nigerian National Petroleum Company to guarantee the refinery's success

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Backbone Infrastructure Nigeria Limited (BINL) has declared its volition to make a Free Trade Zone successful Ondo State's Ilaje Local Government Area and conception a $15 cardinal refinery with a regular capableness of 500,000 barrels.

BINL plans to make a Free Trade Zone and physique a $15 cardinal refinery successful Ondo State's Ilaje Local Government Area. Photo Credit: Contribution
Source: Getty Images

Through a associated task betwixt BINL and the Ondo State Government, represented by the Ondo State Development and Investment Promotion Agency, the monolithic project—which is planned for the Sunshine Industrial Park successful Ogboti-Eruuna and the anticipated Sunshine Free Trade Zone—will beryllium completed.

According to a connection provided to The PUNCH, the task volition beryllium carried retired successful stages, starting with a modular refinery that can nutrient 100,000 barrels per day. Within 48 months, the archetypal signifier is expected to beryllium finished.

Regarding the firm, archetypal discussions are presently taking spot with the Nigerian National Petroleum Company Limited to research a imaginable collaboration that would facilitate the refinery's delivery.

According to Wale Adekola, BINL's Vice President of Corporate Services, the refinery volition service some home and overseas markets by producing refined petroleum products for section depletion and arsenic feedstock for home businesses.

“This is simply a game-changing concern task that volition assistance trim Nigeria’s commercialized deficit, conserve scarce foreign exchange, and boost authorities revenues. At the authorities and section levels, we are assured that it volition stimulate occupation instauration and thrust economical activity,” helium said.

He pointed retired that gathering indispensable supporting infrastructure, including roads, retention tanks, loading bays, terminals, and handling equipment, volition beryllium portion of the refinery project.

Building infrastructure and facilities to alteration commercialized and concern operations successful accordance with planetary champion practices volition beryllium portion of the improvement of the free commercialized zone.

According to Adekola, the task would beryllium supported by a thorough governance model and adherence to each applicable societal and biology laws.

He said that successful mentation for the authoritative signing of the Memorandum of Understanding betwixt the 2 sides connected July 15, BINL has planned a courtesy sojourn to Lucky Aiyedatiwa, the politician of Ondo State, connected July 14.

According to the corporation, the task would springiness precedence to CSR efforts, specified arsenic section occupation quotas, education programs, and infrastructure improvement successful big communities.

BINL's program for refinery is simply a game-changing concern task that volition assistance trim Nigeria’s commercialized deficitPhoto Credit: Dangote Group
Source: UGC

“Beyond the economics, we are profoundly committed to assemblage development. Our CSR program focuses connected education, societal infrastructure, and stakeholder engagement to guarantee inclusive benefits and debar imaginable resistance,” Adekola added.

Dangote announces enlargement to different countries

Legit.ng reported that Nigerian lipid marketers' imports of Premium Motor Spirit, oregon gasoline, deed a grounds debased successful June, chiefly owed to a surge successful production from the Dangote Petroleum Refinery, which produces 650,000 barrels per day, according to caller data.

According to an Argus nonfiction citing Kpler tracking information connected Tuesday, the Dangote refinery's expanding output importantly decreased request for the merchandise from Norway, the United Kingdom, and European Union nations—traditional exporters of refined gasoline to Nigeria.

June was the lowest measurement of gasoline exports from Europe to Nigeria since tracking started, according to Kpler statistics, underscoring the increasing power of home refining connected the substance import illustration of the nation.

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Source: Legit.ng