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Indorama Group To Invest Fresh N325.5bn in Eleme Petrochemicals Company Nigeria Limited.
The core investor in the Eleme Petrochemicals Nigeria Limited, the Indorama Group, has concluded plans to invest additional $2.1bn (N325.5bn) in three new plants over the next three years.
This will complement the existing investment of about $575m, which the group has so far injected in the company that currently produces various petrochemical products such as polyethylene and polypropylene for exports.
These were confirmed by the Minister of Trade and Investment, Mr. Olusegun Aganga, during his inspection of the facilities and operations of the company.
Indorama Corporation, with headquarters in Indonesia, was founded in 1976 and operates in Singapore, India, Thailand, Egypt, Sri Lanka and Turkey, among others.
It emerged the core investor in Eleme Petrochemicals Nigeria following the privatization of the Rivers State-based firm in 2006.
A statement from the ministry noted that the Federal Government would initiate policies and a regime of incentives to drive the petrochemicals sector and ensure that Nigeria became the hub of the petrochemical industry in Africa and globally.
Aganga said, â€œThe Indorama Group said they had concluded plans to invest additional $2.1bn in three new plants at Eleme Petrochemicals Nigeria. This is a clear indication that we have the potential to make Nigeria the hub of the petrochemical industry in Africa and then compete with other major global players.
â€œThe model today is that most of the raw materials used in the petrochemical industry are produced in the Middle East. The latest Forbes ranking of the wealthiest nations, which was released a few days ago, showed that Qatar had become the richest country in the world, with per capita income of more than $88,000. This is based on the growth of their petrochemical industry.â€
â€œThe reason I am focusing on the development of the petrochemical industry is that my vision, and that of this administration, is that in this industry, we can easily become the leader in the world. Specifically, I am focusing on areas where we can become one of the top three in Africa and at least top 10 globally,â€ he added.
The minister said that with the current investment plans of the core investor, the country would have the second largest petrochemical facility in Africa.
Currently, South Africa has the largest petrochemical plant in the continent.
â€œWithin the next two to three years, we should have the largest petrochemicals industry in Africa,â€ Aganga said.
The ministry, according to him, will base its industrial revolution strategy on areas where the country has comparative and competitive advantage, adding that the petrochemicals industry was one of the key areas to be given priority attention.
He said the EPCL was a good example of the success story of the privatization programme of the Federal Government of Nigeria, adding that available records from the company showed that it had paid dividends of over N40bn to the Federal Government, Rivers State Government of Nigeria and its employees in the last five years.
Source; Punch Newspapers Nigeria