Ondo State appears to be on the path of greatness following a recent development in Akure, the state capital when a private firm, Crown Refinery and Petrochemical Limited signed a Memorandum of Understanding with the State Government on the establishment of modular refinery, worth about $500m in the state.
During the signing of the document
Secretary to the State Government, Mr. Sunday Abegunde and Senior Special Assistant to the Governor on Energy and Mineral Resources, Engineer Femi Akarakiri signed the document for the State Government while the Chief Executive Officer of the company, Mr. Kassim Adeleke and the Company Secretary, Ambassador Folake Marcus Bello signed the document for the company.
Speaking shortly after receiving the signed documents from the SSG, the State Governor, Rotimi Akeredolu (SAN), said the government would create an enabling environment to ensure a successful completion of the project. The governor also reiterated his commitment to make the State conducive for all genuine investors willing to partner the state in its industrialization drive.
He said “Ondo State is safe for investors; we will do everything to ensure that this project is successful. 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.”
The governor commended the management of Crown Refinery and Petrochemical Limited for Partnering with the state on the laudable project, stressing that the company and its partners will enjoy a conducive atmosphere in their business in the state.
Earlier in his remark, the CEO of the company, Mr. Kassim Adeleke said the company had earlier approached some states for the establishment of the project but was not welcomed, stressing that he found professionalism, swift decision-making, friendly communities and passion in Ondo state such that, in less than one year of opening talks with the state government, the coast had been clear for the commencement of the project.
Official of the state government and Crown Refinery
Adeleke reiterated that the proposed project will have an initial capacity to refine about 30,000 barrels per stream day which is expandable to 60,000 bpsd within the next five years, adding that the project is expected to be completed within 36 months.
Apart from refining crude oil, the CEO added that the company will also be producing 120,000 tons of base oil and 25,000 tons of lubricant annually. “We will also be providing several infrastructural projects in the states and would create about 2,000 direct and indirect employment opportunities for indigenes of the state”, Adeleke said.
