Crown Refinery Partners Ondo Govt, Invests $500m, targets 60,000 bpd

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A modular refinery company, Crown Refinery & Petrochemical Limited, Wednesday, partnered the Ondo State Government in the core business of refining crude oil into premium petroleum products.

At the Memorandum of Understanding (MoU) ceremony signed by the state Governor, Mr. Rotimi Akeredolu (SAN), who was represented by the Secretary to the State Government (SSG), Mr. Ifedayo Abegunde, the Chairman of the Crown Refinery & Petrochemical Limited, Mr Kassim Adeleke, said his company, when fully come on stream, would be engaged in the business of manufacturing lubricants and specialised packaging of products to meet the needs of the valued clients.

According to him, the refinery will be designed to process both imported paraffinic and Nigerian crude products into finished petroleum products, oils and lubricants.

When fully taken off, Adeleke expressed optimism that the proposed initial design capacity of the plant is about 30,000 barrel per day (bpd), which is expected to be completed within 36 months and can as well be scaled up to meet 60,000 bpd.

He stated that with the existing four major refineries (approx. 445,000 bpd) in Nigeria, the West African sub-region still imports most of its petroleum products, thus, the need to fill the gap brought about the birth of the Crown Refinery & Petrochemical Limited.

“It is expected that the upcoming private refineries, ours included, would be able to meet Nigeria’s need for refined petroleum products.

The market is deep enough! For us, it is more of contributing to an industry output that will meet the demand. “Also, it is to be noted that we are taking the wider West African market, which provides additional opportunity for export.

“We are still going through the due diligence process and the final figures will be made public when that is completed. The initial cost of the project is US$500million, bearing in mind ancillary projects, like power and other infrastructure developments.

“The signing of the MoU today marks the commencement of the project and we expect it to be completed in about 36 months,” Adeleke said.

At the commencement of the operation, the chairman stated that his company would employ 2,000 employees into its workforce.

On his part, the Secretary, Ondo State Investment Promotion Agency (ONDIPA), Mr. Emmanuel Omomowo, commended the promoters of the Crown Refinery & Petrochemical Limited for coming to the state to invest.

He said the importance of the location of the company in the state can’t be over-emphasised, just as he listed the benefits to include employment generation and the expansion in the revenue base of the coffer of the state.

Also, the Senior Special Assistant (SSA) on Energy and Mineral Resources to the governor, Mr. Femi Akarakiri, admonished the management of the new company to show commitment in the MoU
signed with the state government.

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Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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