Ondo Govt, Partners Launch Joint Venture to Build 500,000 bpd Refinery

With the creation of Sunshine Joint Venture Infrastructure Limited, the Ondo State government and its investment partners have started the process of establishing a free trade zone and a refinery capable of producing 500,000 barrels per day.

The Ondo State Government, represented by the Ondo State Investment Promotion Agency, or ONDIPA, will collaborate with the partners—Backbone Infrastructure Limited, BINL, NEFEX Petro Line Limited, and Cooldeal Limited—through Sunshine Joint Venture Infrastructure Limited to actualize the refinery and free trade zone.

In an update on the refinery and free trade zone projects, BINL Vice President of Corporate Services Barrister Wale Adekola said that various executives from NEFEX, BINL, and Cooldeal Limited are involved in the joint venture.

According to the statement, ONDIPA leaders guided the joint venture team and consultants—including China Harbour, China Engineering, Honeywell, and UOP—to the project locations in the Ilaje region of Ondo State.

The team engaged with key stakeholders during the tour.
According to the statement, the crew made a courtesy visit to His Royal Majesty (HRM), the Olugbo of the Ugbo Kingdom, Oba Frederick Obateru Akinruntan, before to moving on to the project locations across the waterways.

“The team was cordially welcomed by the Kabiyesi, particularly the foreign partners, including the team lead, Messrs. Egbal, JM, and Maryam, among others.” According to the release, he promised the JV team and the Ondo State Government the full support of the Kingdom and all parties engaged, including the protection of the lives and property of every group and individual involved in these projects for everyone’s benefit.

The group, which was headed by former Senate President and BINL Chairman Ken Nnamani, also paid Ondo State Governor Lucky Aiyedatiwa a courtesy call.

The governor notes that the development will propel Ondo’s and Nigeria’s overall industrial growth and expresses gratitude to the joint venture for choosing Ondo State as its investment location. Additionally, he promised a favorable atmosphere that will guarantee a prosperous enterprise and relationships that benefit all parties involved.

In addition to ensuring that the projects are carried out successfully, the JV team and ONDIPA reaffirmed their commitment to providing the stakeholders with all the benefits of modern social facilities, such as schools, hospitals, potable water, and settlement centers.

In the Ilaje region of Ondo State, the government plans to establish a 500,000 barrels-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone.