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Owena Group Mulls $1bn Investment in Ondo Bitumen Field

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The Ondo State Governor, Hon. Lucky Aiyedatiwa, Thursday disclosed that his administration is open to offering incentives to attract both local and foreign investments into the economy of the State to drive development.

The Governor said with the many natural and mineral resources in the State and plans of the government to develop a deep sea port and enhance infrastructure, the State is wide open for investors to do business.

Governor Aiyedatiwa stated this when he received on a courtesy visit in his office the management of Owena Bitumen Exploration Nigeria Limited led by Alhaji Musa Ibrahim Mantu, the chairman of the company.

The team, which included expatriates from Italy and France, represents the company globally and specializes in mining, refining, and processing of bitumen and other allied resources.

The primary goal, accordijg to Mantu, is to explore bitumen in Ondo State, with a processing plant already under construction in Ijebu Ode, projected to be the largest in the world.

He said the company has secured approximately one billion dollars in financing from Europe and aims to deploy advanced bitumen technology with the support of world-class partners within the next 12 months.

He added that their collaboration would leverage local raw materials with their technological expertise to process resources independently, minimizing the need for crude oil transportation.

In response, Governor Aiyedatiwa expressed optimism about the partnership, noting its potential benefits, including employment creation and local economic stimulation, despite the refinery being located in Ijebu Ode, just a short drive from Ondo State.

He added that the development of the Ondo sea port, construction of Araromi to Lekki road and the newly flagged off Lagos-Calabar Coastal Highway, which will pass through the port corridor, will boost the Bitumen exploration venture.

The Governor assured the delegation of the government’s cooperation, particularly in ensuring a secure and conducive business environment.

While thanking the team for the interest in investing in the State, Governor Aiyedatiwa said the government will review the proposal submitted by the company.


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