Obax World Limited, an oil and gas company based in Edo state has announced its plan to invest a total of N121 billion for the construction of a fertiliser plant and a 350-megawatt power generating plant in Ikpoba-Okha Local Government Area of the state.
The project is part of the company’s efforts to reduce unemployment among youths in Edo State. The projects, according to the company, would be sited in Ologbo, a border town between Edo and Delta, with Itsekiri and Urobho residents.
The Chairman and Chief Executive Executive Officer of the firm, Mr. Patrick Obasuyi, who stated this while addressing members of the host community on Sunday, explained that the projects will also enjoyed partnerships from foreign investors.
He noted that the hitherto timber company was converted to an oil and gas firm to check deforestation in the country.
â€œThe plant that we are trying to build is going to cost us $250 million while the power plant will cost about $300 million.
â€Žâ€We are building our first fertiliser plant in Nigeria and the second thing that we are building is a power generation plant,â€ he added.
Obasuyi said, in line with the local contentâ€Ž policy, no fewer than 600 members of the community would be engaged.
He, however, stressed the need for a peaceful collaboration among the various stakeholders in order to promote the socioeconomic development of the state. â€Ž
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