Chairman of Petrolex Oil and Gas, Mr Segun Adebutu, has revealed plans by his firm to pump about $5 billion into the economy of Ogun State, Business Post reports.

Mr Adebutu made this disclosure at the just-concluded two-day Ogun State Investors Forum held in Abeokuta, the state capital. Speaking at the forum, the Petrolex boss hailed Ogun State as a front-burner in industrial development, including oil and gas. He also commended the governor, Mr Ibikunle Amosun, for the robust support provided during the construction of the Petrolex Mega Oil City at Ibefun, beginning in 2011, when he shared the plan.

According to Mr Adebutu, he was elated when the first phase of the mega oil city, a 300 million-litre capacity tank farm was completed. He said the next phase of the Petrolex Mega Oil City includes a 250,000 barrels per day refinery, a lube plant, gas bottling plant, and a fertilizer plant. According to him, the project will gulp over $5 billion within the next 5 years and already, over $330 million has been invested.

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