Backbone Infrastructure Nigeria Limited (BINL), a global infrastructure firm, plans to build a $15 billion crude oil refinery and launch a free trade zone in Ondo State.
The company confirmed on Wednesday that it will construct and operate a 500,000-barrel-per-day refinery within the Sunshine Industrial Park and Free Trade Zone located in the Ilaje Local Government Area.
BINL will carry out the project as a joint venture with the Ondo State Government, through the Ondo State Development and Investment Promotion Agency (ONDIPA).
The development is expected to cost $15 billion, with the first phase set for completion in 48 months.
BINL is currently in talks with the Nigerian National Petroleum Company Limited (NNPCL) to support the delivery of the state-of-the-art refinery.
The company will visit Ondo State Governor Lucky Aiyedatiwa on July 14, 2025, as part of official project activities.
On July 15, 2025, BINL and the Ondo State Government will formally sign a memorandum of understanding to officially kick off the initiative.
The multi-phase project will begin with a 100,000-barrels-per-day refinery unit.
Wale Adekola, Vice President of Corporate Services at BINL, stated that the refinery will serve local energy needs, supply industrial feedstock, and provide refined products for export.
Plans for the refinery include road construction, storage facilities, loading bays, terminals, and other key infrastructure.
The free trade zone will feature full-scale infrastructure to ensure smooth operations and management in line with global best practices.
A comprehensive governance framework will guide community development, ensuring compliance with international and national regulations.
Adekola emphasized that the projects will cut Nigeria’s trade deficit, preserve foreign exchange, grow government revenue, and strengthen the economy.
He also noted that job creation and increased demand for local goods and services will stimulate economic growth at the state and community levels.
source: www.thecable.ng
African Energy Council