Petrolex Group has signed an agreement with the Ogun State Government for the construction of the multi-million dollar refinery. The refinery is proposed for the Odogbolu Local Government Area of the state.
At the formal signing ceremony, Governor Ibikunle Amosun said that the refinery would be the second largest in sub-Saharan Africa and the largest petroleum product depot in Nigeria. The ceremony held at the Governor’s Office at Oke-Mosan in Abeokuta yesterday.
“We have the political will and we would 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. Any government that will get it right, indeed must be private sector driven,” the governor said.
This may be seen as a sort of consolation for the State Government which lost out on the situation of Dangote refineries to Lagos State following an alleged misunderstanding between the state government and owner of the refinery.
The agreement was worked by a consortium of four investors and firms, which include Petrolex Oil and Gas, Hyundai, Ajayi Legal Partners and Wema Bank Plc. for a refinery investment with the state government through Governor Amosun on the construction of proposed second largest refinery in Africa.
Parts of this article originally appeared in Business Day.