In a statement on Wednesday, the company said it has finalised plans to construct and operate a 500,000 barrel per day (BPD) refinery at the Sunshine Industrial Park and Sunshine free trade zone (FTZ) in Ilaje LGA of Ondo state.
According to the company, the refinery will be developed as a joint venture with the Ondo state government, represented by the Ondo State Development and Investment Promotion Agency (ONDIPA).
The total cost is projected at $15 billion, with phase one scheduled for completion within 48 months.
“BINL is exploring partnership with the Nigerian National Petroleum Corporation Limited (NNPCL) to facilitate the delivery of this ultra-modern crude oil refinery,” the statement reads.
“BINL has scheduled a courtesy visit to the Executive Governor of Ondo State, His Excellency, 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 these projects.”
The company said the project will be implemented in phases, beginning with a 100,000 bpd refinery.
Wale Adekola, BINL’s vice-president for corporate services, said the refinery will supply petroleum products for domestic consumption, feedstock for local industries, and refined products for the export 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,” he said.
“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.”
Adekola said the projects will help reduce Nigeria’s trade deficit, conserve foreign exchange, boost government revenue, and support overall economic growth.
At the state and local levels, he said the projects will create jobs and drive local economic activity through increased demand for goods and services.
