Crown Refinery & Petrochemical Limited, a crude oil refining firm, has signed a Memorandum of Understanding with Ondo State government for the building of a USD500 M refinery in Ilaje Local Government Area of the state.
The plant is designed for an initial production capacity of 30,000 barrels per day. Located in Eruna Ogboti community of the state, the refinery is expected to increase its crude oil refining capacity to 60,000 bpd when it commences full operation within its first five years of operating. It is expected to be completed within 36 months from the day of the signing of the MoU, which took place recently at the Governor’s Office in Akure.
The refinery is designed to process both imported paraffinic and Nigerian crude into finished petroleum products, oils, and lubricants.