Nigerian billionaire businessman, Femi Otedola, is in talks with a private refining company based in Singapore to establish a sustainable fuel refinery in Delta State.
According to sources familiar with the development, the proposed refinery aims to supply petroleum products across Nigeria at more affordable rates, potentially easing the burden of high fuel costs on citizens and businesses.
During a recent meeting with representatives of the Singaporean firm, Otedola disclosed that he has already secured the necessary licenses from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and has met all regulatory and operational standards required by relevant authorities.
The Singapore-based refinery company is currently reviewing the partnership proposal. If both parties reach an agreement, the project is expected to commence immediately.
The initiative is seen as a strategic move that could strengthen Nigeria’s refining capacity and reduce dependence on imported petroleum products.
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