22nd November, 2010
A private refinery worth more than 1.5 billion dollars to be known as Ode AyeÂ Refinery is to be established in Ode Aye, Okitipupa Local Government Area of OndoÂ State.
Retired Major Christopher Ikutiminu, the Chairman of Ode Aye Company, made thisÂ known in an interview with the News Agency of Nigeria (NAN) in Okitipupa, recently.
He said the refinery would process 100,000 barrels of crude oil per day intoÂ petroleum products on completion.
Ikutiminu said that the establishment of the private refinery was a heed to call byÂ government on the private sector to contribute towards the economic development ofÂ the country.
He noted that the project, which he described as grassroots-based, would be ofÂ benefit to both the state government, the host community and foreign investors fromÂ Italy.
Ikutiminu also said that he decided to embark on the project so as to give back toÂ the community what they have given to him as a citizen of Ode Aye.
The chairman said that the refinery would be located close to the river that emptiedÂ into the ocean around Okitipupa for easy transportation of both the raw materialsÂ and the refined products.
Ikutiminu emphasised thatÂ stakeholders in the project cut across the locality asÂ that would ensure the safety of equipment in the refinery when it comes on stream.
â€œWe will make sure that everybody within the locality benefits from it, you know youÂ cannot steal or vandalise what belongs to you, that is the strategy we will use toÂ safeguard equipment in the refinery,â€ he said.
Ikutiminu also said that plan for the establishment of the refinery had been on inÂ the last six years, adding that funding had been the major challenge.