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Eleme petrochemical targets $4.4bn investment by 2019

13 May 2014, 20:04

Port Harcourt -The Indorama Eleme Petrochemical Ltd. (IEPL) would invest $4.4 billion between now and 2019 to become the largest petrochemical company in Africa.

Manish Mundra, Managing Director of the company, announced this while addressing members of the Senate Committee on Privatisation, led by its Chairman, Sen. Olugbenga Obadara, who visited the company

He said the company had so far injected $575 million since its privatisation and paid N33.9 billion as dividend to the federal government and Rivers State government since its acquisition in 2006.

Giving the breakdown of the dividend, Mundra said the company had paid N25.2 billion to the Bureau of Public Enterprises and NNPC while 8.71 billion was paid to Rivers State.

He noted that the company had increased its production capacity to four per cent pre-privatisation to 77 percent as well as planning to increase its production to 325,000 tonns per annum in 2014.

He explained that as part of efforts to diversify, the company would embark on the construction of mega-sized fertiliser project comprising 1.4 million MTPA nitrogenous fertiliser, a gas pipeline and jetty projects targeted to be completed in 2015.

Obadara said that the committee had embarked on the oversight visit to get information on the successes and challenges of the privatised companies.

The chairman said that they had also embarked on the visit to assess their compliance with the Share Purchase Agreement (SPA) and the Post Acquisition Plan (PAP) they had signed with government.

-   NAN

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