In its relentless pursuit to industrialize Osun State, the administration of His Excellency, Sen. Ademola Adeleke has secured the agreement of Resource Petroleum And Petrochemical Incorporated (RESPET), USA to invest in the state.
In a Memorandum of Understanding (MOU), subject to the approval of Governor Ademola Jackson Nurudeen Adeleke, between the state and RESPET dated 25th September, 2023, the investment potential of the state is outlined to be tapped for economic advantage of Osun people.
RESPET is a privately held international USA integrated Oil and Gas refining corporation, specializing in refining crude oil into transportation fuels, exploration, production and development of promising onshore Oil Blocks, Inland Basins, Continental Shelf, Deep Offshore Oil, solid minerals, mining and natural gas prospects in Africa, and other petroleum and gas rich areas in sub-Saharan Africa.
Over the years, RESPET has been blessed with a well-equiped Board of Directors with Management expertise in Petrochemicals and process engineers. It owns the design to construct hydrocarbon plants with low sulphur products, Central Banks management experience, Cooperative Social Responsibility (CSR) division for community development and funding access for investments.
Osun State Commissioner for Commerce and Industry, Rev. Bunmi Jenyo, who participated in the just concluded Africa International Trade Exhibition held at New York City and RESPET represented by Chairman-President & CEO, Daunette D. Lee sealed the engagement, hopefully to be approved by the Governor, in no distant time.
The MOU if sealed, signed and made operational, will contribute immensely to the development of the citizens in the areas of industrialization, employment, infrastructural growth and economic prosperity.
The MOU that has 37 terms and conditions, seeks to present a platform of working business relationship to the mutual and common benefit of the parties involved.
It covers organisations trading various energy commodities of crude oil, gas, petroleum and petrochemical related products, energy production and technology in all ramifications.
It also involves construction of Metro Rail Line round major cities for efficient transportation in Osun State.
Others are agricultural commodities, Strategic metals and mineral deposits, trading and mining of gold, silver, diamond, rubes earth minerals of economic scale, health, civil engineering, socioeconomic development projects and other areas of investments as needed.
Upon acceptance and signing of this MOU by Governor Ademola Adeleke, a Joint Venture Agreement (JVA) shall be executed by the parties at an agreed time schedule.
