The Ondo State Government has signed a joint operating agreement on Bitumen exploration and extraction with a private company, Liquefied Resources.
Speaking after the deal had been sealed, Governor Olusegun Mimiko said Ondo state has 90 percent stake on the deal adding that development remains landmark in the annals of Ondo state. The governor said though,all efforts by successive governments had yielded no result on the project, his administration is on course to ensure that, the project is achievable.
He said the project would help drive the needed development in the sector and raise the bar of socio economic development of the state noting that, Ondo state has 90 percent stake in the deal. The president of the Liquiefied Resources MR Thomas Cooley said they would do everything possible to ensured the realization of the project in due time
Also speaking,the Managing Director Of the Company Tony Ameachi James said work would commence immediately on the project with ten thousand barrels per day.