Indorama to Spend $2.1 Billion on Nigerian Petrochemicals Sector Expansion

The Indorama Group has pledged an additional investment of $2.1 billion (N325.5 billion) in Nigerian petrochemicals industry. The core investor of Eleme Petrochemicals Limited, with headquarters in Indonesia has already invested $575 million (N 89 billion) in its operations in Rivers state which produces petrochemicals products such as polyethylene and polypropylene.

Eleme Petrocemicals was bought in 2006 by the Indorama Group as part of the privatization process.

Mr. Olusegun Aganga confirmed the investment goals of the company during an inspection tour of its facilities.

He said, “The Indorama Group said they had concluded plans to invest additional $2.1bn in three new plants at Eleme Petrochemicals. 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.

“The 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.”

“The 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.”

2 Comments

1. 

   Anonymous

   February 29, 2012 at 10:42 am

   GREAT VISION .
   GOOD CONCEPT .

   AGANGA . GOOD JOB.
2. 

   Anonymous

   February 29, 2012 at 10:42 am

   GREAT VISION .
   GOOD CONCEPT .

   AGANGA . GOOD JOB.