Ogun govt projects refinery worth $3bn in state

The governor of Ogun State, Dapo Abiodun, revealed on Wednesday that Gasoline Integrated International had indicated its willingness to invest N3 billion in the construction of a refinery in the state's Tongeji Local Government Area.

The refinery, when finished, would be processing 400,000 litres of crude oil into gasoline each day, according to the company's chairman, Dr. Lukman Bolaji, according to a statement from the governor's chief press secretary, Kunle Somorin.

According to the report, Bolaji revealed this to the governor at Oke-Mosan Abeokuta during a courtesy visit with the company's directors.

He mentioned the company's upstream and mainstream activities as well as its recent acquisition of an oil block on Tongeji Island.

He explained that the refinery would be situated in Ipokia and would first process 100,000 litres of petroleum products per day, expanding to 400,000 litres per day in the future.

He said, “The project would sit on 800 hectares of land that had already been acquired.

“We are bringing in a capital inflow of N3bn into the state. We would have been on site by now but for the COVID-19 pandemic.

“With this project, Ogun State will have security and guarantee of petroleum products at all times because we intend to serve our immediate environment before taking it outside.”

He added that the enterprise will produce 110 megawatts of electricity, beginning with 37 megawatts, and that it would also create roughly 10,000 direct and indirect jobs.

He continued by saying that the initiative would increase the state's internal revenue while also enhancing infrastructure and transferring technologies to Nigerians.

Although the project, which would be finished in 36 months, would be driven by Chinese technology, he said that it would be global in nature and include representatives from Nigeria, Taiwan, and the United States of America.

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