Crown Refinery & Petrochemical Limited, a crude oil refining firm, has signed a Memorandum of Understanding with Ondo State government for the building of a $500 million refinery in Ilaje Local Government Area of the state.
The plant is designed for an initial production capacity of 30,000 Barrels per day. Located in Eruna Ogboti community of the state, the refinery is expected to increase its crude oil refining capacity to 60,000bpd when it commences full operation within its first five years of operating. It is expected to be completed within 36 months from the day of the signing of the MoU, which took place yesterday at the Governor’s Office in Akure.
The refinery is designed to process both imported paraffinic and Nigerian crude into finished petroleum products, oils and lubricants.
According to the CEO of Crown Refinery and Petrochemical limited Mr Kassim Adeleke, the project will create a total of 2000 direct and indirect jobs for Nigerians, with much consideration for the host community.
The Ondo State Government has reiterated its determination to make Ondo State conducive for all genuine investors willing to partner the state in its industrialisation drive.