To ameliorate the problem of shortage of refined petroleum products for local consumption, an indigenous firm, Ode-Aye Refinery Limited, said it would build refineries to be located in Lagos and Ondo states.
In a statement on Monday, the company’s Director, Prince Bayo Otulana, said the refineries would be Greenfield and modular refineries.
While the Greenfield refinery would have a full operational capacity of 200,000 barrels per day, the modular refineries will be divided into three units expected to produce 3,000 barrels daily each.
He said the company had concluded plans with the Federal Government through the Department of Petroleum Resources (DPR) to ensure the refineries get 60 per cent of its raw materials (crude products) from the government, while the company sources the other 40 per cent from private sources.