ODSG signs $.5bn MoU on modular refinery
By Adekola Afolabi
Apparently determined to make the State conducive for all genuine investors, Ondo State Government has signed a Memorandum of Understanding (MoU) with the Management of Liquid Waste Energy Limited on the building and management of a $500m Modular Refinery in the state.
The expandable modular refinery which would be located within the industrial zone and coastal area of the state will have a capacity of 30,000 Barrels Per Day of crude processing, 120, 000 tons per annum of Base Oil and 25,000 tons per annum of lubricant with supporting 50MW power plant.
About 120 hectares of land would be needed for the project, while no fewer than two thousand direct and indirect jobs would be created when the refinery starts full operation in no distant time.
Secretary to the Ondo State Government, Ifedayo Abegunde and the Senior Special Assistant to the Governor on Energy and Mineral Resources, Engineer Femi Akarakiri signed the MoU on behalf of the state government while the Chairman/CEO, Liquid Waste Energy Limited, Kassim Adeleke and the Secretary, Ambassador Folake Marcus- Bello signed on behalf of the firm with its technical partners.
Shortly after signing of the MoU, the team paid a courtesy visit to Governor Oluwarotimi Akeredolu where he reiterated his determination to make Ondo State conducive for all genuine investors willing to partner the state in its industrialization drive.
Akeredolu emphasised that his administration was irrevocably committed to making Ondo State attractive to willing investors by providing enabling environment and easing the cost of doing business in the state.
While describing as heartwarming the Memorandum of Understanding between the State Government and the Liquid Waste Energy Limited, the Governor affirmed that investible potentials of the state, particularly in the southern part where the proposed modular refinery would be located could not be quantified.
According to him, 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 on their investments in the state.
He commended the management of the firm for coming on board at this time to be a worthy partner with the State Government, assuring them that his government would continue to provide safe and friendly environment for private investors to thrive in the state.
Earlier, the Chairman and CEO, Liquid Waste Energy Limited, Kassim Adeleke pointed out that they chose Ondo State for the project because of its professionalism, swift decision making, friendly communities and passion, adding that in less than one year of opening talks with the State Government, the coast has been clear to kick start the landmark project.
He particularly lauded the State Governor for bringing the State closer to Lagos State through the facilitation of daily flight, noting that the project will further make both states accessible on water with the use of speed boats in 30 minutes.
Adeleke disclosed that the project which would be in phases would commence full operation in 36 months time.
He explained that apart from expanding the state revenue base, about 2,000 direct and indirect employments would be created for the people of the state.
Other dignitaries at the event are: the Chief of Staff to the Governor, Chief Olugbenga Ale, Commissioners for Environment, and that of Economic Planning and Budget, Funso Esan and Pastor Emmanuel Igbasan respectively, Chairman, OSOPADEC, Gbenga Edema, among others.