Nigeria: FG Plans Two Petrochemical, Plastics Plants for Lagos, Delta

On October 31st, 2010, posted in: News, newsletter, Nov 2010 News by

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Joseph Ushigiala

There are indications that the Federal Government of Nigeria has began negotiations on feedstock (NGL) pricing with two world class potential investors who are planning to invest in the building of two petrochemical and plastics conversion complex (estimated at 450KTPA capacity polypropylene/polyethylene complex) in the country.

THISDAY gathered that the on-going negotiations are direct fallout of some of the progress recorded by the Minister of Petroleum, Diezani Allison-Madueke at the just concluded OPEC meeting in Vienna, Austria.

Although the identities of the two investments companies are being withheld so as not to jeopardize on-going negotiations, the two refineries which are slated to be sited in Koko, Delta State and Lagos, and expected to rank among the best globally in terms of world-class standard and will effectively boost the Federal Government’s initiative of generating thousands of jobs and support government’s quest for self sufficiency in food production.

It was gathered that investor’s confidence was bolstered by the recent oil and gas sector reforms embarked upon by government which are being viewed as starting to yield promising results.

Delivering a keynote address titled: “Third Quarter Highlights of the Administration’s Achievement in Oil and Gas Sector” at the meeting, she said the administration has successfully concluded the implementation of the most aggressive reforms of the domestic gas pricing.

The Minister stressed that the direction of government is hinged on the belief “that the successful outcome of these efforts would culminate into the beginning of technical and related investment assessment efforts; and thus possibly open up Nigeria for a full-scale industrialization”.

Source: Thisdayonline (Nigeria)     Image:moneylife.in

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