…To host N3bn refinery in Tongeji Island
Ogun state, Nigeria may be on the way to joining the league of oil producing states in the country as a firm, Gasoline Integrated International, expressed readiness to build a N3billion refinery in Tongeji Island, Ipokia Council of the state.
The project, to be delivered in 36 months, will be powered by Chinese technology. It is designed as a multinational entity, featuring officials from Nigeria, Taiwan and the United States of America. Upon completion, the refinery would be processing 400,000 litres of crude oil into petrol per day.
Chairman of the company, Dr. Lukman Bolaji, who disclosed this when he led the company’s directors on a courtesy call on the governor, Governor Dapo Abiodun in Abeokuta, explained that the firm is into upstream and mainstream and had acquired an oil block at Tongeji Island.
Dr Bolaji explained further that the refinery would be located at Ipokia and would refine 100,000 litres per day and other petroleum products at the beginning, and later expand to 400,000 litres per day in the future.
He said that the project would sit on 800 hectares of land that had already been acquired. “We are bringing in a capital inflow of N3billion 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:
While also disclosing that the company would generate 110 Megawatts of electricity, starting with 37 Mega Watts, he stated that about 10,000 direct and indirect employment would be generated, just as the project would boost the internally generated revenue of the state as well as expand infrastructural facilities and transfer technology to Nigerians.
Welcoming the team, Governor Abiodun revealed that Ogun and Lagos states consume about 70% of petroleum products in Nigeria, saying the project is coming after the state lost a similar project to a neighbouring state.
He promised to set up a counterpart team to work with the company management to ensure the smooth realization of the dream.
“A project like this is not a walk in the park. I want to assure you that as an administration whose thrust is encouraging investors, a team to work with your team to deal with issues that may arise will be set up,” he said, adding that it will be the joy of the state for Ogun state to be an oil producing state.