The agreement also included the building of the largest petroleum product depot in Nigeria.
The agreement was signed in Abeokuta on Wednesday between the government and four firms: Petrolex Oil and Gas, Hyundai, Ajayi Legal Partners and Wema Bank PLC.
The Chairman, Petrolex Group, Segun Adebutu, who led the other partners at the ceremony, noted with satisfaction that the government had continued to provide an environment conducive for viable investment.
He said the refinery would be cited in Odogbolu Local Government Area of the state.
According to him, the two projects will generate about 2,000 employment opportunities for the people and boost socio-economic condition of the state when completed.
In his remarks, Governor Ibikunle Amosun assured the consortium of the commitment of his administration to support the project.
“We have the political will and we will support the project fully. You can rest assured that I will personally get involved when necessary to ensure that the project is a success,” he said.
Amosun explained that any government desirous of succeeding must be private-sector driven.
He said that his administration would always support people of like minds who would in turn bring positive economic development to the state.
“We do not want just any investment but that which will truly support the dreams, goals and economic drive of the present administration in its mission to rebuild the state,’’ he said.