The Ondo State Government has signed a Memorandum of Understanding with South West Bitumen Company, towards exploitation and refining of Bitumen in the State.
Secretary to the State Government, Princess Oladunni Odu, while signing the MoU in Akure, said Ondo State had anticipated the exploitation of Bitumen for a long time, as such, will do everything within its power to ensure the long-time dream of the State, comes to reality during the Akeredolu-led administration.
Princess Odu said the proposed implementation of Bitumen resources was located within the mining lease of the company in Ondo State, across Irele, Odigbo and Okitipupa Local Government Areas.
She added that the task of being able to discover ready and credible investors in the field was quite challenging, but the unrelenting efforts of the Akeredolu-led administration in making the State an investors haven, prompted the emergence of the company which indicated interest to align with the State on the right development path.
Odu emphasized that the State is blessed with a large quantity of Bitumen product, making it the second largest in Africa and that the project will yield substantial dividends to the State Government when fully exploited.
Speaking on behalf of the company, Engineer Dare Adedara, commended the Government for providing a conducive environment for investors to tap opportunities that would be mutually beneficial.
Engineer Adedara briefed the SSG on the company’s efforts at ensuring the project is successful, saying that the main focus of the company is to develop the exploitation of Twenty thousand barrels and refining of Ten thousand barrels per day.