Business
Investment In Oil, Gas Free Zone Hits $48bn
A total of $4.8 billion has been invested in the development of Onne Oil and Gas Free Zone (OGFZ), Rivers State.
The General Manager, DMS, Technical Partners of the Free Zone, Barr, Sybdat Wama, made this known in his presentation last Monday when the Federal Minister of Trade and Investments Olusegun Aganga paid a facility visit to the free zone Onne Port, Rivers State.
According to him, the total investments in all areas, Ports development, camps and offices up to 2012 are estimated at US $2.3 billion, adding that further investment planned for 2011 onwards are estimated at US $2.5 billion, bringing the total investments in Onne Oil and Gas Free Zone to US $4.8 billion.
The breakdown further revealed that out of the total investments, US $1.4 billion were estimated to be the cost of projects executed on partnership between NPA/INEELS while the balance are projects executed by private investors.
He commended Integrated Logistics Services (Intels) for being the pivoter of the success story recorded in Onne Oil and Gas Free Zone, saying, in addition to the Port concession lease agreements, which he said cover only the terminal jetty area, Intels has Separate 25-year land leases from NPA, undeveloped. But utilised to provide stacking and industrial areas to meet the operational requirements of clients, with huge financial commitment.
Barr. Wama, noted that as part of the port concession agreements, Intels has remitted substantial payments to the Authorities irrespective of vessel or cargo through put.
He said about 150 companies in the free Zone have generated about 30,000 direct and indirect employment with its attendant multiplier effects, and that a total of US $5.41 billion has been generated by various Government Agencies including customs and NPA.
GM, DMs disclosed that plan for future development and expansion is in three phase, A Free Port to fastrack Logistics operations in the oil and Gas Industry, to up grade it to a Free Trade Zone (FTZ) by introducing Assembling/processing/manufacturing to attrack more investors and to upgrade it to a Specialised Export Processing Zone, which he said will extend to Ikpokiri Island.
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