Consortium to Build Refinery in Ogun

refineries
  • Consortium to Build Refinery in Ogun

A Nigerian oil firm, Petrolex Group, on Thursday said it had entered into a consortium with Wema Bank and the government of Ogun to build the second largest refinery in Odogbolu area of the state.

The Chairman of the group, Mr. Segun Adebutu, in a statement by the oil firm on Thursday said that other members of the consortium are Hyundai and Ajayi Legal Partner.

Adebutu said that the consortium would also build a petroleum product depot in the area.

He said that the depot would be the largest in sub-Saharan Africa.

Adebutu said the two projects would generate about 2,000 jobs and boost the socio-economic condition of the host state.

The Head of Corporate Banking at Wema Bank, Mr. Henry Alakhume, said the bank was delighted to support the deal.

He said, “Wema Bank is proud to support Petrolex Group in the refinery and petroleum depot projects.

“We believe this will significantly boost Nigeria’s economy and create much needed jobs.”

Governor Ibikunle Amosun of Ogun assured Wema Bank and members of the consortium of his administration’s commitment to fully support the project.

“We have the political will and we will support the project fully. You can be rest assured that I will get involved, when necessary, in order to ensure that the project is a success.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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