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With the creation of Sunshine Joint Venture Infrastructure Limited, the Ondo State government and its investment partners have started the process of building a 500,000 barrel-per-day refinery and a free trade zone.
Backbone Infrastructure Limited, BINL, NEFEX Petro Line Limited, and Cooldeal Limited will collaborate with the Ondo State Government, represented by the Ondo State Investment Promotion Agency, or ONDIPA, to actualize the refinery and free trade zone through Sunshine Joint Venture Infrastructure Limited.
NEFEX, BINL, and Cooldeal Limited are represented in the joint venture by various executives, according to a statement released by BINL Vice President, Corporate Services, Barrister Wale Adekola, which gave an update on the refinery and free trade zone projects.
According to the announcement, ONDIPA leaders led the joint venture team and consultants, such as China Harbour, China Engineering, Honeywell, and UOP, to the project sites in the Ilaje region of Ondo State.
The team engaged with important stakeholders throughout the tour.
The statement further stated that 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 foreign partners, including the team led Messrs. Egbal, JM, and Maryam, among others, were cordially greeted by the Kabiyesi. 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 participating in these projects for everyone’s benefit.
Lucky Aiyedatiwa, the governor of Ondo State, had a courtesy call from the team, which was led by BINL Chairman and former Senate President Ken Nnamani.
The governor expresses gratitude to the joint venture for choosing Ondo State as its investment destination, pointing out that the development will propel Ondo’s and Nigeria’s overall industrial growth. Additionally, he promised a favorable atmosphere that will guarantee a prosperous business 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 all stakeholders with modern social facilities, including as schools, hospitals, potable water, and settlement centers.
In the Ilaje region of Ondo State, the government plans to establish a 1,471-hectare Sunshine Free Trade Zone and a refinery capable of producing 500,000 barrels per day.
