Petrolex Group, Wema Bank, others to build refinery in Ogun

Governor Ibikunle Amosun

A Nigerian oil firm, Petrolex Group says it has entered into a consortium with Wema Bank and the government of Ogun to build the second largest refinery in Odogbolu area of the state.

According to a statement by the oil firm on Thursday in Lagos, the Chairman of the group, Mr Segun Adebutu, said that other members of the consortium are Hyundai and Ajayi Legal Partner.

Adebutu said that the consortium would also build a petroleum product depot in the area.

He said that the depot would be the largest in sub-Saharan Africa.

Adebutu said the two projects would generate about 2,000 jobs and boost the socio-economic condition of the host state.

Mr Henry Alakhume, Head of Corporate Banking at Wema Bank, said the bank was delighted to support the deal.

“Wema Bank is proud to support Petrolex Group in the refinery and petroleum depot projects.

“We believe this will significantly boost Nigeria’s economy and create much needed jobs,” he said.

Gov. Ibikunle Amosun of Ogun assured Wema Bank and members of the consortium of his administration’s commitment to fully support the project.

“We have the political will and we will support the project fully. You can be rest assured that I will get involved, when necessary, in order to ensure that the project is a success,” Amosun said.

Comments

Pope not involved in Colombian peace deal- Vatican

Pope Francis Pope Francis has turned down a request to play a role in the peace deal between the Colombian government and the Revolutionary Armed Forces of Colombia (FARC) rebel group. The Vatican in a statement issued on Wednesday in in Vatican City said that an invitation was sent to his Holiness in early August to appoint a representative to participate in the committee that selected the judges for the talks. The statement said that though Pope Francis supported the peace process, he, however, reiterated that he would not get involved in Colombian peace deal. It said that Pope was praying for the enlightenment of the hearts and minds of those who were called to promote the common good of the Colombian nation. A deal was announced last week, putting an end to five decades of internal conflict between government forces and the FARC rebels. The agreement, which needed to be ratified through a referendum in Oct. 2, would entail setting up a special court to grant amnesties or pu...

Houthis Claim Attack on Central Israel in Response to Gaza ‘Massacres’

The ongoing conflict between Israel and Hamas has taken a concerning regional turn as the Houthi rebels in Yemen claimed responsibility for an attack on central Israel. The group announced this as part of their escalating response to what they describe as "massacres" in Gaza amid the Israeli military’s operations in the strip. Details of the Attack The Houthis, a Shiite militant group with ties to Iran, declared that they launched missile and drone strikes targeting Israel. While the exact impact of these attacks remains unclear, reports suggest that Israel’s defense systems intercepted several threats over its airspace. This marks a significant escalation as the Houthis widen their involvement in the conflict beyond their typical operations within Yemen and neighboring Saudi Arabia. The Houthis’ Justification In their statement, the Houthis framed the attack as retaliation for Israel’s military actions in Gaza, which they characterized as indiscriminate bombings resultin...

Fall of Assad is a Blow to Russia's Prestige

The potential fall of Syrian President Bashar al-Assad, a long-standing ally of Russia, would mark a turning point in Moscow’s global influence, particularly in the Middle East. Steve Rosenberg’s analysis underscores the profound implications for Russia, which has invested heavily—both militarily and politically—in ensuring Assad’s survival over the past decade. This article delves into why Assad’s downfall would strike at the core of Russian prestige and what it could mean for the broader geopolitical landscape. Russia's Strategic Commitment to Syria Since the outbreak of the Syrian civil war in 2011, Russia has been a staunch supporter of Assad's regime. In 2015, Moscow launched a military intervention that proved decisive in stabilizing Assad’s hold on power. This intervention solidified Russia's role as a key power broker in the Middle East and demonstrated its willingness to project military power far beyond its borders. Syria is not just an ally for Russia; it is a...

Global Naija Info

Search This Blog