BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo - Politics

BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo (12789 Views)

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BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by Putindbutt(op): 6:50pm On Jul 09, 2025

Backbone Infrastructure Nigeria Limited (BINL) has concluded plans to construct and operate a 500,000 barrel per day (BPD) refinery at the Sunshine Industrial Park in Ogboti, Eruuna and establish the Sunshine Free Trade Zone (FTZ) in the Ilaje Local Government Area of Ondo State.

[b]The refinery, a joint venture with the Ondo State Government represented by the Ondo State Development and Investment Promotion Agency (ONDIPA), will cost $15 billion, with phase one expected to be completed within 48 months.
BINL is exploring partnership with the Nigerian National Petroleum Company Limited (NNPCL) to facilitate the delivery of this ultra-modern crude oil refinery.

According to a statement on Wednesday. BINL has scheduled a courtesy visit to the Governor of Ondo State, Hon. Lucky Aiyedatiwa, on July 14, 2025.

BINL and the Ondo State Government represented by ONDIPA, will then formally execute memoranda of understanding on July 15, 2025 to kick off the delivery of the projects.

According to BINL, a multi-sectoral infrastructure development company with offices in Abuja, London and Zug, this project will be phased commencing with a 100,000 refinery.

BINL’s Vice-President for Corporate Services, Mr Wale Adekola, said 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 development framework includes a comprehensive and strict governance structure for the development of the local community in compliance with international standards and relevant laws.

According to Adekola, these projects will contribute significantly to reducing Nigeria’s trade deficit, conserving foreign exchange reserves, increasing government revenue and economic development.

He said at the state and local levels, these projects will create local jobs, stimulate the local economy through increased demand for goods and services, noting that the Corporate Social Responsibility (CSR) strategy includes community engagement programmes, such as education initiatives, local employment quotas and infrastructure development for surrounding communities.

He revealed that the company is engaging local stakeholders early to mitigate potential opposition to the project.[/b]

https://www.thisdaylive.com/2025/07/09/binl-to-build-15bn-500000bpd-refinery-establish-ftz-in-ondo/

23 Likes 3 Shares

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by Putindbutt(op): 6:57pm On Jul 09, 2025

Oil sector reforms and removal of subsidy fraud is gradually transforming the oil sector, investors are now confident to build new refineries and maximize profits unlike in the past where subsidy regime discouraged potential investors. More interesting is the fact that state governments are now investing in businesses like seaports, refinery, airlines, as a result of the business friendly policies of the Tinubu Administration. Let the coalition of failures tell us if they're going to bring back subsidy, reverse these gains and take us back to the dark era but like Wike said, those losers will never get back to power.

71 Likes 6 Shares

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by mrvitalis(m): 6:58pm On Jul 09, 2025

That's my grandma's village... Congratulations to them

15 Likes 1 Share

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by haffaze777(m): 7:05pm On Jul 09, 2025

Some people will prefer Hero beer instead

This will make the forum more interesting for everyone

85 Likes 3 Shares

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by TimeManager(m): 7:06pm On Jul 09, 2025

Dangote - 650,000 bpd

BINL - 500, 000bpd

BUA - 200,000bpd

Better times ahead.. God bless President Tinubu, God bless Nigeria.

-Kiss the truth!

68 Likes 4 Shares

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by Osgilliat(m): 7:15pm On Jul 09, 2025

Thank goodness that no one will be getting dollars at official rate or whatever legal scam they call it.
You can’t take away subsidy and not dismantle foreign exchange disparity. His policies are harsh but effective, only an insincere person would think otherwise.

49 Likes 2 Shares

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by CodeTemplarr: 7:32pm On Jul 09, 2025

A state that cannot turn cocoa into chocolate wants to build $15B refinery. Kudos and Ukodo to them in advance.

20 Likes 2 Shares

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by seunowa(f): 7:32pm On Jul 09, 2025

TimeManager:
Dangote - 650,000 bpd

BINL - 500, 000bpd

BUA - 200,000bpd

Better times ahead.. God bless President Tinubu, God bless Nigeria.

-Kiss the truth!

This is what reform done to the oil and gas sector brings.... grin

21 Likes

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by CodeTemplarr: 7:36pm On Jul 09, 2025

seunowa:
This is what reform done to the oil and gas sector brings....

You mean the reform was in place as of when Dangote started building his? Zombism is real and i pity you and yours on the long run. Your loyalty has been compromised obvioulsly.

10 Likes 2 Shares

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by delpee(f): 7:38pm On Jul 09, 2025

I like the fact that it's a joint venture between the state and the investor. Hopefully, the people will benefit.

LASG should have done the same with Dangote.

8 Likes

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by CodeTemplarr: 7:38pm On Jul 09, 2025

Osgilliat:
Thank goodness that no one will be getting dollars at official rate or whatever legal scam they call it.
You can’t take away subsidy and not dismantle foreign exchange disparity. His policies are harsh but effective, only an insincere person would think otherwise.

No one can deny the effect. See how you disgraced your village people on top normal promise we have been seeing for decades.

3 Likes 2 Shares

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by CodeTemplarr: 7:40pm On Jul 09, 2025

TimeManager:
Dangote - 650,000 bpd

BINL - 500, 000bpd

BUA - 200,000bpd

Better times ahead.. God bless President Tinubu, God bless Nigeria.

-Kiss the truth!

Kiss what useless truth. A promise is what you are disgracing you village on. Ride on ooooooo.

2 Likes 1 Share

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by stanluiz(m): 7:46pm On Jul 09, 2025

haffaze777:
Some people will prefer Hero beer instead

This will make the forum more interesting for everyone

There is oil refinary in Anambra state. It was Peter Obi that made it so

https://allafrica.com/stories/200604210438.html

Celebrate your own in Peace.

5 Likes

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by seunowa(f): 7:46pm On Jul 09, 2025

CodeTemplarr:
Kiss what useless truth. A promise is what you are disgracing you village on. Ride on ooooooo.

Bitterness is kpaiing u... Na so you call dangote refinery initiative a scam that year grin

15 Likes 1 Share

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by Putindbutt(op): 7:57pm On Jul 09, 2025

stanluiz:
There is oil refinary in Anambra state. It was Peter Obi that made it so

https://allafrica.com/stories/200604210438.html

Celebrate your own in Peace.

So, where's the refinery today abi you dey celebrate paper refinery on MOU 🤣. Ipob dey celebrate scam, God I beg o 😂😂

19 Likes

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by Ikaeniyan0: 8:02pm On Jul 09, 2025

CodeTemplarr:
Kiss what useless truth. A promise is what you are disgracing you village on. Ride on ooooooo.

Look at one of your obidient brother also celebrating

stanluiz:
There is oil refinary in Anambra state. It was Peter Obi that made it so

https://allafrica.com/stories/200604210438.html

Celebrate your own in Peace.

7 Likes

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by SalamRushdie: 8:12pm On Jul 09, 2025

Oil importation cabal have made up their mind to open refinery

3 Likes

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by temitope27(m): 8:15pm On Jul 09, 2025

This is a good news for us in Ondo state, na seaport remain

68 Likes

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by DeepSight(m): 8:17pm On Jul 09, 2025

Who are the owners?

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by Woodgate100: 8:19pm On Jul 09, 2025

Thought you guys said the fuel import was putting pressure on the dollars?import don reduce which was suppose to drop the pressure on the dollars and reduce the rate,yet the dollars rate is going higher.God forbid APC

3 Likes

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by Warrior99: 8:22pm On Jul 09, 2025*

Excellent News.

God bless ONDO state.

We must ensure ALL JOBS { ≥ 90%} in the refinery go to Indigenous Yorubas.

#YORUBAFIRST

God continue to bless YORUBALAND!

AMEN!

69 Likes

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by maxiuc(m): 8:23pm On Jul 09, 2025

TimeManager:
Dangote - 650,000 bpd

BINL - 500, 000bpd

BUA - 200,000bpd

Better times ahead.. God bless President Tinubu, God bless Nigeria.

-Kiss the truth!

only dangote refinery is enough to supply Nigeria but why is the price still high

1 Like

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by nickxtra(m): 8:27pm On Jul 09, 2025

Putindbutt:
https://www.thisdaylive.com/2025/07/09/binl-to-build-15bn-500000bpd-refinery-establish-ftz-in-ondo/

Audio refinery. The ones that were granted licence since many years ago, where are they?

2 Likes

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by Vvision: 8:33pm On Jul 09, 2025

Wail harder dear hater of progress. Only clowns dont like progress either for real or for political propaganda purposes

CodeTemplarr:
A state that cannot turn cocoa into chocolate wants to build $15B refinery. Kudos and Ukodo to them in advance.

8 Likes

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by Zhtq: 8:38pm On Jul 09, 2025

haffaze777:
Some people will prefer Hero beer instead

This will make the forum more interesting for everyone

And some are busy stealing other people's oil to refine in Yorubaland.

South south people I greet una ooo.

You've seen the people stealing your oil and taking it to their place

1 Like

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by Farmsolution: 8:38pm On Jul 09, 2025*

Putindbutt:
https://www.thisdaylive.com/2025/07/09/binl-to-build-15bn-500000bpd-refinery-establish-ftz-in-ondo/

Maybe some governors are just waking up. Get license to explore the mineral resources through any framework or vehicle available . Be it PPP or any joint ventures. Don't just sit down and allow a few to continue improvish you and turn you into a regular monthly allocation beggars. Ondo has bitumen in abundance, zamfara has enough gold , etc but you won't see their various governments stand up to form alliance that can generate income. I don't understand how they think or plan

1 Like

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by ALISMILE(m): 8:39pm On Jul 09, 2025

Who else noticed the first sign of fraud in this proposal?
15billion dollars for a 500,000 bd refinery. While Dangote’s 650k bd refinery cost $20billion notwithstanding he got dollars at extremely subsidized rate to build the refinery.

Now that dollars is 4X higher than it was when Dangote built his, how do these people expect to meet up?

1 Like 1 Share

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by richiemcgold: 8:41pm On Jul 09, 2025*

I'll rather keep my fingers crossed than celebrating this news.

.. this isn't the first time we'll be hearing news like this in Ondo State.

What happened to the bitumen MOU signed by Aketi? What about Ondo deepsea port? Where is Olokola today?

2 Likes

Re: BINL To Build $15bn 500,000bpd Refinery, Establish FTZ In Ondo by omenka(m): 8:49pm On Jul 09, 2025

haffaze777:
Some people will prefer Hero beer instead

This will make the forum more interesting for everyone

Make una press the neck well well. Never let go. cheesy

Love it.

5 Likes

1 2 3 Reply

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