President Endorses $1.8 Billion Fertilizer, Methanol Plants for Indoroma, Port Harcourt

Chairman-with-President

President Goodluck Jonathan has endorsed the establishment of two world-class fertilizer and methanol plants by Indorama Corporation, core investors in Eleme Petrochemicals Company Limited (EPCL) near Port Harcourt.

The projects, worth 1.8 billion US Dollars or N275 billion would be located in the EPCL Complex in Port Harcourt, Rivers State.

The President gave this endorsement when he hosted the Chairman of Indorama Corporation, Mr. S.P Lohia, and the Managing Director, Mr. Manish Mundra at the Presidential Villa on Monday evening, 16 May, 2011.

The Managing Director, Mundra, formally announced the approval today given to the company by the multi-billion naira projects, while briefing the management and staff, adding that a lot of work has already been done in the technical surveys, environmental impact assessment, land development, adequate power supply and gas availability while local manpower are being mobilise

In a press statement issued by Jossy Nkwocha, Special Adviser to the Managing Director of Indorama-EPCL, the President was quoted as saying that he was quite happy about the plans of Indorama Group to build world-class fertilizer and methanol plants in Nigeria, and promised to give the company all the support it requires to make the project a success for the benefit of Nigerians and the company.

Chairman of Indorama, Mr. Lohia, had earlier informed the president that the fertilizer plant, when completed, would deliver one million tons of ammonia and urea fertilizers annually for Nigeria’s agricultural and industrial purposes. The methanol plant, he said, would also serve as alternative fuel for public transportation and for industries to enhance the energy sector.

According to the release, the company is also adding Low Density Polypropylene (LDPE) production facilities in Port Harcourt. All these projects have taken off but are targeted to commence production by 2014-2015.

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“The fertilizer plant will be the largest single train Urea Plant in the world; and once these plants are commissioned, EPCL’s Port Harcourt complex will be one of the largest petrochemicals companies in Africa,” Mr. Mundra highlighted.

According to the release, Mr. Mundra is very optimistic that the project will greatly enhance the economy of Nigeria through employment generation, availability of enough fertilizer for agricultural and industrial use and for exports, revenue to government in terms of taxes, levies and VAT; dividend payments to shareholders, and development of the host communities.

“We are committed to the development of the economy of Nigeria and the welfare of the Nigerian people through our investments,” Mundra said.

Indorama has been a great success story in the Public Private Partnership program in Nigeria. The company’s success is being cited as a model to be emulated. Their commitment to Nigeria is being reinforced by these new investments.

Indorama has been able to create jobs, both direct and indirect, in the Niger Delta and also has contributed significantly to the economy of the nation, through employment opportunities, taxes, import substitution, export earnings, etc.

Many dignitaries have lauded their efforts in nurturing local talents and for being a well managed organization in Nigeria, and they have been a show piece.

Indorama invested a total of 400 Million US dollars in 2006 as a core investor in the privatised Eleme Petrochemicals Company Limited. It has since then revamped the company to full capacity production and has turned Nigeria into a net exporter of plastic resins (polypropylene and polyethylene) besides meeting the needs of the local plastics industry.
By Okafor Ofiebor/Port Harcourt

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