The refinery will be located at the Sunshine Industrial Park in Ogboti, Eruuna, while the FTZ will be established in the Ilaje Local Government Area. The ambitious projects are a joint venture with the Ondo State Government, through the Ondo State Development and Investment Promotion Agency (ONDIPA).

According to BINL, the mega refinery project will be executed in phases, starting with a 100,000bpd capacity and expanding to 500,000bpd. The first phase is scheduled to be completed within 48 months. The company is also in discussions with the Nigerian National Petroleum Company Limited (NNPCL) to support the delivery of the state-of-the-art facility.

A courtesy visit to the Ondo State Governor, Lucky Aiyedatiwa, is scheduled for July 14, followed by the formal signing of memoranda of understanding (MoUs) on July 15 to officially launch the projects.

Mr. Wale Adekola, Vice-President for Corporate Services at BINL, said the refinery will supply petroleum products for domestic use, support local industries with feedstock, and serve international markets. He noted that the project will also include the development of infrastructure such as roads, terminals, storage tanks, and loading bays.

The FTZ component will feature the development of essential infrastructure and facilities for efficient operation and governance, with a framework that aligns with international standards and regulatory compliance.

According to Adekola, the projects are expected to reduce Nigeria’s trade deficit, conserve foreign exchange, boost government revenues, and stimulate broad-based economic growth. At the local level, they will create jobs, increase demand for goods and services, and uplift surrounding communities through a robust Corporate Social Responsibility (CSR) strategy.

The CSR plan includes educational programs, local employment initiatives, and infrastructure development. Adekola added that early engagement with local stakeholders is ongoing to ensure smooth implementation and community buy-in.