The Ondo State government has signed a memorandum of Understanding with the Liquid Waste Energy Limited on the construction and management of a Modular Refinery worth over 500 million Dollars.
The State government reiterated its determination to ensure a conducive environment for all genuine investors willing to partner with the state in its industrialisation drive.
Governor Oluwarotimi Akeredolu said his administration was resolutely determined to make Ondo attractive for investors.
He was speaking when the Management of Liquid Waste Energy with its technical partners paid him a courtesy visit in his office.
Investible potentials
Governor Akeredolu affirmed that investible potentials of the state particularly in the southern part where the refinery would be, were unquantifiable.
“Ondo State is strategically positioned among the Niger Delta States and Lagos State, which is the nation’s economic nerve centre, to make all business minded investors reap bountifully on their investments.
” I commend the management of Liquid Waste Energy Limited for coming on board at this time to be a worthy partner with the State Government. I assure the company and its partners a second to none atmosphere in their business deals in the State,’’ Governor Akeredolu stated.
Landmark project
The Chairman and CEO of Liquid Waste Energy Limited, Mr Kassim Adeleke said “he found in Ondo, professionalism, swift decision making, friendly communities and passion, such that in less than one year of opening talks with the State Government, the coast has been cleared to kick start the landmark project.”
Adeleke also commended the government for having brought Ondo closer to Lagos State through the facilitation of daily flight, stressing the project would further make both states accessible on water with the use of speed boats in thirty minutes.
The refinery will have a capacity of 30,000 Barrels per Day of crude processing, 120,000tons per annum of Base Oil and 25,000ton per annum of lubricant with supporting 50MWpower plant.
The Memorandum was signed on Wednesday by the Secretary to the State Government, Ifedayo Abegunde and the Senior Special Assistant to the Governor on Energy and Mineral Resources, Femi Akarakiri while the Chairman of the company, Mr Kassim Adeleke and Company Secretary, Ambassador Folake Marcus- Bello signed on behalf of the firm.
Source: VON
