A Nigeria private petrochemical agro-giantcompany Indorama Petrochemical and Fertilizer Plants Company have invested over $3billion in Nigeria economic sector with a further plan to invest over $6billion in no due time. This was disclosed by country’s Minister of State for Petroleum Resources, Chief Timipreye Sylva during a ministerial tour to the company’s facilities recently in Port Harcourt.
The minister who applauded this singular investment gesture by the company as an economic fulcrum as it has really helped Nigeria through creation of job opportunities, revenue actualization to government, as well as supply of petrochemicals and fertilizers to Nigerian agro-allied companies and farmers across the sub-Sahara region
“I must say that this is a very welcome value addition to our economy, they are doing very well. They have invested over $3billion, and plan to invest over $6billion in the Nigerian economy”, He said.
Mr. Sylva depicts Indorama Petrochemical as an epitome of a typical huge gas utilization company harnessing Nigeria abundant natural gas resources. The minister, who took a tour of the plants in Eleme, Rivers State, said it was heart-warming for Nigeria to have Indorama utilizing gas in a true sense of value-addition.
“What I have seen here is heart-warming for this country. I have had a lesson in value addition. I was here by 2005 in the old Eleme Petrochemicals Company, and I saw the plant, an ailing plant at that time.
But what I have seen here today is very marvelous, a lot has happened here, they have added a lot of trains, and added fertilizer Urea plant and other facilities”, He stated.
Sylva said that Indorama was already partnering with the Nigerian government in supplying Urea fertilizers to the government (Presidential Fertilizer Initiative), adding that that has really helped in no small way in developing the rice production sector.
“You can see that in just few years, Nigeria has become self-sufficient in rice, and that is also because of the huge support we get from Indorama”, he noted.
“They have also created a lot of jobs and value here. We are very happy with them, and we hope that this can be replicated everywhere around the country.
“I have always said that gas is the way to diversify our economy, and I have seen it practically today because the polymers (petrochemicals) they produce here are raw materials for other industries; and the fertilizer they produce is the raw material for the agricultural sector”, Mr. Sylva emphasized.
“You can see that effective gas utilization is at the foundation of expanding our economy, and we hope that this can be replicated in other parts of Nigeria”, he added.
In his key note address, the Managing Director, Indorama Petrochemicals and Fertilizer Company Limited, Mr. Manish Mundra, Praised the honourable Minister for this august visit as he assured the minister on company’s commitment and focused-driven vision in ensuring that its enormous potentials are unleashed for an effective building and establishment of the largest petrochemicals and fertilizer hub of Africa in Nigeria.
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