Crown Refinery and Petrochemical Limited’s—a privately owned company whose core business is into refining of crude oil into premium petroleum products, has entered into a Memorandum of Understanding(MOU) with the Ondo state government to build a refining facility in the state.
The refinery which will be designed to process both imported paraffinic and Nigerian crude into finished petroleum products, oils and lubricants has been estimated to worth $500million.
The proposed project will have an initial capacity to refine about 30,000 BPSD but is expected to be scaled to 60,000 BPSD within the next five years, according to a statement by Kazeem Adeleke, Chairman of the company. The project is expected to be completed within 36 months.
“We are going into the business of refining crude oil”, Adeleke said. “The Government of Ondo State would provide the enabling environment and incentives to support us as we actualize this vital investment”
Apart from the project having the capacity to refine crude oil, it will also be producing 120,000 tons of base oil and 25,000 tons’ lubrication oil on a yearly basis.
The company will also be providing several infrastructural projects in the sates and would create massive employment opportunities for indigenes of the state.
