Sunshine Joint Venture Infrastructure Limited, a new project vehicle, has been brought in to be at the forefront of the construction of Nigeria’s new 500,000 bp/d oil refinery.
Wale Adekola, Group Vice President for Backbone Infrastructure Nigeria Limited (BINL), one of the project’s original partners, made the announcement on Thursday, highlighting the commitment shown by other primary stakeholders.
The refinery, which is set to be built in the free trade zone of the South Western State of Ondo, has also received significant support from the region’s state government, according to the Group Vice President.
Recent reports indicate that prior to this new partnership, the project had reached a new phase in its implementation, focusing on the technical engagement and site assessments done by Backbone Infrastructure Nigeria Limited.
Tthe new venture would be in charge of the various Memoranda of Understanding already signed with the state through the Ondo State Investment Promotion Agency.
“In furtherance of our commitment to the execution of these two major projects, Refinery and Free Trade Zone, in conjunction with the Ondo State Government, the joint partners have taken another giant step by incorporating a joint company, namely, SUNSHINE JOINT VENTURE INFRASTRUCTURE LIMITED, as the vehicle to be used in executing these projects,” the statement read.
“This move reinforces the sincerity of purpose and total commitment of the funding partners to move ahead together as a united front,” it adds.
In a significant development for Africa’s energy sector, reports surfaced early in November detailing a massive $50 billion investment secured by an international energy consortium.
This funding is earmarked for the construction and development of a colossal new oil refinery in Ondo State, Nigeria.
Upon completion, this facility is projected to become Africa’s second-largest oil refinery, coming behind the $20 billion Dangote Oil Refinery.
Source: Africabusinessinsider
