Firm to Establish Refineries in Ondo, Lagos

Okon Bassey in Uyo

Two refineries are to be established in Ondo and Lagos states in the next 18 months courtesy of the management of Ode-Aye Refinery Ltd.

Speaking with newsmen in Uyo, Akwa Ibom State capital, on Monday, the Director of the company, Prince Bayo Otulana, said the refineries would involve one Greenfield and a modular refineries with an estimated cost of the modular refinery put at $8 billion on completion.

Each of the refineries on completion would generate 1,000 direct employment and over 5,000 indirect jobs for Nigerians.

Otulana said that the module refineries would be expected to be completed within 18 months from January 2016 while the Greenfield major refinery would take a period of 36 months to be completed.

According to him, when completed, the Greenfield refinery would be expected to produce a minimum of 200,000bpd while the modular refineries with three units would produce 3000bpd in each unit.

The Director of the oil firm said that adequate arrangement had been put in place to ensure effective take off of the refineries in both state simultaneously in January 2017.

Culled from: thisdaylive.com