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Backbone Infrastructure Nigeria Limited, BINL, has secured project funding of over $50 billion for the construction of a 500,000 barrels-per-day refinery and the development of a 1,471-hectare Sunshine Free Trade Zone in the Ilaje area of Ondo State through a joint venture agreement with NEFEX Holdings Limited of Canada.
The development followed the successful execution of the Memorandum of Understanding, MoU, between BINL and the Ondo State Government, through the Ondo State Investment Promotion Agency, ONDIPA.
The Backbone Infrastructure Nigeria Limited team is set to visit Ondo State to interact with state government officials and pay a courtesy call on Governor Lucky Aiyedatiwa.
The BINL team will be led by the Chairman, ex-Senate President Ken Nnamani, and includes other board members and the executive management team led by Henry Owonka.
A statement released by Backbone Infrastructure Nigeria Limited on Monday said the meeting will explore the roadmap towards commencement of the projects, including presentations with ONDIPA and visits to the project sites and engagement with the host communities led by the Olugbo of Ugbo Kingdom, Oba Obateru Akinrutan.
Speaking on the refinery financiers, BINL’s Vice-President for Corporate Services, Mr Wale Adekola, disclosed that NEFEX Petroline is involved in engineering and construction services for ports, terminals and logistics facilities, including pipelines and facilities in the oil and gas industry.
He added that the firm’s specialty also includes port and infrastructure development, petrochemical trading and supply, investment and project management.
Adekola stated, ‘’With operations across the Middle East, Europe, North America, and beyond, NEFEX Petroline combines the advantages of a global network with deep local understanding. The firm maintains partnerships with leading global financial institutions to secure multi-currency credit lines and liquidity support for large-scale operations.
‘’Our partnership with NEFEX opens the next chapter for the commencement of BINL Refinery development.”
He said BINL is also exploring a strategic partnership with the Nigerian National Petroleum Company Limited, NNPCL, to drive the development of the ultra-modern refinery complex.
The refinery is expected to ease pressure on foreign exchange reserves and enhance national energy security.
“The BINL refinery will provide petroleum products for local consumption, feedstock for other local industries and petroleum products for the international market.
“The refinery project includes the construction of roads, storage tanks, loading bays, terminals and handling equipment. The scope of the Free Trade Zone Project includes the development of the required infrastructure and facilities for the effective operation and management of the Free Trade Zone.
“The projected $50 billion investments in the refinery and FTZ are expected to change the landscape of infrastructure in Ondo State while transforming the social and economic status of the people,” the statement added.
Adekola commended Governor Aiyedatiwa for his support for the projects, and for opening Ondo State to investors.
