The Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) with
the Ondo State Government to establish a 65,000 million litres per annum biofuel plant in Okeluse, Ondo State.
The Group Managing Director of the NNPC, Dr. Maikanti Baru, stated this while signing a memorandum of understanding with a delegation led by the Ondo State Governor Mr oluwarotimi Akeredelu in Abuja.
Dr Baru said that the project was not a one-hundred-per-cent NNPC subsidiary and that some investors are also bringing in Foreign Direct Investment into the country for the project.
The GMD explained that part of the benefit of the plant will include reduction of fuel import, reduction of greenhouse gas emission to combat global warming, and boost in the production of animal feeds from by-products of the plant,
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The NNPC Boss who further explained that the construction of the plant and the production of cassava feedstock could create at least one million direct and indirect jobs added that the biofuel project would be fitted with a 40 megawatts electricity plant that would also supply power to the host communities.
Earlier, the Governor of Ondo State, Mr. Oluwarotimi Akeredolu, , expressed confidence that the biofuel project would take off for the benefit of the people of the state and the country in general.