From Uche Nnorom, Makurdi
Petrolex Group, an oil and gas firm has signed a Memoranda of Understanding, MOU with the Cargopolis Development Company, CDC, the concessionaire for the Cargo Makurdi Airport project, with Benue state government , an equity partner, to set up a multi- billion oil and gas project to enhance the economic potentials of the state.
Chairman of the Group, Otunba Segun Adebutu said at the MoU signing ceremony in Makurdi, that Benue is strategic as his next investment destination for its N20 billion Oil and Gas project to include a 100-250 MW Gas Turbine Power Plant, Jet A1 Aviation Farm and over 30 retail Gas / Petrol.
He commended Benue state government for honouring the invitation to invest in the state and President Muhammadu Buhari for the growth enhancement programme which has unlocked economic potentials in the country.
Dr Daniel Tarkaa of CDC Group said the project would address issues of post harvest losses by farmers in the State and increase warehousing and semi processing facilities in general.
“Benue is largely an agrarian state, we have challenges of preserving and storing our farm produce, especially fruits and vegetables, the project if completed would tackle, such issues,” he said.
A former Managing Director of NEXIM bank said the cargo airport is going to be a hub to the European Nations as only six hours would be needed to export farm produce.
He listed other advantages to include job creation for the states’ teeming youth and a means of wooing more investors into the Benue markets.
He said the duration of the project was 24 months with the state government contributing 15 per cent.
The signing was witnessed by the Chief of staff to the Benue Governor,Mr Terwase Orbunde who represented Governor Samuel Ortom,Otunba Segun Adebutu for Petrolex and Tahir Umar for CDC.