Sunshine Joint Venture Infrastructure Limited, a new project vehicle, has been created to lead the construction of a new 500 kb/d oil refinery in Ilaje, Ondo State (Nigeria).
- The JV brings together Nigerian private companies Backbone Infrastructure Nigeria Limited (BINL), the Canadian firm NEFEX Holdings, and the Ondo State government.
- In July 2025, BINL unveiled plans to build and operate the refinery, with the first phase scheduled for completion in 2029 (KEI, 11/07/2025).
- The international energy consortium has secured US$50bn in investment to fund the project.
Once completed, the facility is expected to become Africa’s second-largest oil refinery, after the Dangote oil refinery, also in Nigeria.