The Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) with Ondo State Government to establish a 65 million litres per annum biofuel plant in Okeluse, Ondo State.
The MoU was signed at a ceremony at the NNPC Towers in Abuja yesterday.
Governor of Ondo State Oluwarotimi Akeredolu led a delegation from the state for the signing.
The Group Managing Director of the NNPC, Dr. Maikanti Baru, explained that the project was not a wholly NNPC subsidiary but that some investors were also bringing in Foreign Direct Investment into the country for the project.
According to an NNPC statement, the GMD disclosed that the construction of the plant and the production of cassava feedstock could create at least one million direct and indirect jobs.
“We expect that this plant, when built, will be producing at least 65 million litres per annum of fuel ethanol that could be blended into our Premium Motor Spirit (PMS) and will be used in Nigeria and neighbouring countries when exported,” the GMD said.
He disclosed that the biofuel project would be fitted with a 40 megawatts electricity plant that would also supply power to the host communities.
Earlier, Governor Akeredolu expressed confidence that the biofuel project would take off for the benefit of the people of the state and the country in general.
Present to witness the signing of the MoU were the Nigeria Export-Import Bank (NEXIM Bank), New Partnership for African Development (NEPAD) and National Oil Spill Detection and Response Agency (NOSDRA).