Backbone Infrastructure Nigeria Limited (BINL) has unveiled a major plan to construct and operate a 500,000-barrels-per-day (bpd) oil refinery at the Sunshine Industrial Park in Ogboti, Eruuna, and the Sunshine Free Trade Zone (FTZ), located in Ilaje Local Government Area of Ondo State.
The ambitious $15 billion project is a public-private partnership with the Ondo State Government, through its investment agency, the Ondo State Development and Investment Promotion Agency (ONDIPA). BINL announced the plans on Wednesday and said the refinery’s first phase is expected to be completed within 48 months.
According to BINL, discussions are already underway with the Nigerian National Petroleum Company Limited (NNPC Ltd.) to secure strategic support for the delivery of the world-class facility.
The company said it would formalise its agreement with ONDIPA through the signing of memoranda of understanding following a courtesy visit to the state governor, Hon. Lucky Aiyedatiwa.
BINL’s Vice President for Corporate Services, Mr. Wale Adekola, said the refinery would not only address Nigeria’s domestic energy needs but also serve regional and global markets.
“The BINL refinery will provide petroleum products for local consumption, feedstock for other local industries, and petroleum products for the international market,” Adekola said.
The refinery complex will feature an extensive infrastructure rollout including roads, storage tanks, terminals, loading bays and modern handling equipment. As part of the broader FTZ project, BINL also plans to develop essential infrastructure and facilities to ensure smooth operations and long-term sustainability of the free trade zone.
The project is expected to create thousands of jobs and position Ondo State as a major industrial and export hub in the region.
Erizia Rubyjeana
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