Prince Bayo Otunlana, the Managing Director of Ode-Aye Refinery Limited announced that they have concluded plan to establish Greenfield and modular refineries in the Ondo and Lagos state in the next 18 months.
The modular refinery which is expected to refine 3,000 barrels of crude oil per day would be completed within 18 months, while the Greenfield refinery would be completed within 36 months and 200,00 barrels daily.
He explained that arrangements had been made to ensure the effective take-off of the refineries and the adequate supply of crude to refineries.
The projects will be funded by Lyords Offshore Funding Corporation and each of the refineries will generate 1,000 direct jobs and over 5,000 indirect jobs for Nigerian youth.
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