Former President Olusegun Obasanjo will today lay the foundation stone of Azikel Refinery in Yenagoa, Bayelsa State.
The privately-owned refinery which got its licence in 2015 soon after President Muhammadu Buhari’s inauguration is due to take off next year.
Dr. Azibapu Eruani, President of the Azikel Group promoters of the project said the refinery on completion, would go a long way in reducing persistent scarcity of refined products such as petrol, aviation fuel, kerosene and diesel.
He said his belief in the role of the private sector in boosting the nation’s economic growth informed his decision to embark on the venture which is projected to create hundreds of jobs in and outside the Niger Delta region.
The refinery is situated on a 19.9 hectares of virgin swamp forest which had to be sand filled in preparation for physical construction of structures.
Spokesman of Azikel Group, Mr. Austin Ebipade,said Phase 1 of the project is 65% completed.
This comprises the Outside Battery Limit (OSBL) and the Inside Battery Limit (ISBL)
Prominent Nigerians including foreign investors are already in Yenagoa for the foundation laying which is slated to start at 11 am.