The Company Sino Arab Energy in partnership with Indigenous firm Osabo Refining and Petrochemical Industries Limited have concluded plans to build a refinery worth $7.5 billion that will refine 107,000 barrels of crude per day in Akpabuyo Local Government.
Member of the Management team of the Osabo Refining and Petrochemical Limited, Honourable Effiong Okon speaking on the development, said the process and requirement for the license of the refinery had been finalised.
He also said the host community for the refinery project, Akwa Esuk Eyamba had graciously donated 500 hectares of land to the company. This actually revealed the expectation of a socio-economic transformation for the community as a result of the refinery.
Hon Okon who represents the Akpabuyo Constituency at the Cross River State House of Assembly stressed that the refinery will be built according to International specification, standards, requirements and procedures.
On the issue of the economic boom and impact the refinery operations would have when completed in the State, Hon Effiong Okon said about 10,000 jobs will be created to tackle the issue of unemployment in the State and the in th nation.
This project which will be the first ever Foreign Direct Investment Partnered powered by energy industry ever embarked upon in the State, marks a turning point for Cross River State, which means the State will experience increased traffic of economic activities beyond the niche it has created for itself in terms of tourism.
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