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Work to commence soon on $1.5bn Petrochemical Plant in Akwa Ibom

By BusinessNews Staff on July 23, 2015

Akwa Ibom State Governor, Udom Emmanuel, has said work would soon commence on the $1.5 billion petrochemical plant located in Ibeno.
While speaking with journalists over the weekend, Emmanuel said the plant which groundbreaking was performed by ex-President Goodluck Jonathan last year in Ibeno, when completed, would generate a lot of employment opportunities for the people of the state.
He also said the government has put everything in place for the take-off of the plant.
“We have done the environmental impact assessment, the Certificate of Occupancy (C-of-O) has been issued and the site has been cleared and ready for work to start. Once the gas purchase agreement with Exxon Mobile is finalised, work will commence immediately,” Emmanuel said.
The governor also used the opportunity to commend the initiative of Mr. Jim Ovia, Chairman, Quantum Petrochemicals, for believing in the state. “We want to use this opportunity to thank the Chairman of Quantum Petrochemicals Company Limited, Mr. Jim Ovia, for this huge investment in our state. This project will create employment for thousands of our people and will also add to our efforts to rapidly industrialise our state.

Ovia is one unique Nigerian business mogul who believes in the endless possibilities of this great nation, the ‘can-do’ spirit that is embedded in our people. He is a man of impeccable character and his zeal for development is highly commendable. The good people of the state are very appreciative of his love and faith in our state and the blueprint for the industrialisation of our state as encapsulated in my five-agenda plan.”
Former President Jonathan had on August 14, last year, performed the ground breaking ceremony in Ibeno for the construction of the $1.5 billion petrochemical and gas plant.

At the event, Ovia talked about the effect the plant would have in the state and the nation in general “Petrochemicals are vital to our everyday life- the plastic bottles that allow us to drink sanitary water, the clothes that we wear, the fertilisers that are used to grow crops, the tires on our cars that brought us here today, the shovel that we will use to break the ground today; the pharmaceuticals we take every day to enjoy a healthy life, are all derivatives of the petrochemicals of some form,” Ovia stated.

[ThisDay]

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