EPCL: Stakeholders Urge Probe Of $2.4bn Sale

Some stakeholders have
initiated move towards a review of the privatization and sale of Eleme Petrochemical Plant in Eleme near Port Harcourt, Rivers State capital.
The stakeholders group which is led by Mr Thompson Kpagih, said it is imperative to review the sale of the plant in view of the present government determination to recover all national assets proven to have been taken illegally.
The group which called for questioning, reason why the plant was built at a whopping $2.4 billion was given away to the Thai firm-Indorama for a paltry $215 million.
“We know that Eleme Petro Chemical Plant was constructed by a world class consortium of premier engineering and EPC contractors of Chiyoda Corporation, JGC and Kobe Steel of Japan Technimont of Italy and Spie Balignolles of France at a cost of $2.4 billion by  the Federal Government and it began operations in 1995.
“The plant sits on 400 acres of land, has a state of the art Olefins plant, Polyethylene/Butane and Polypropylene Plant, Effluent treatment plant, Storage Tanks, Bagging Plant, Numerous Warehouses for raw material and finished goods and several  other supporting facilities.
It alleged that, however, the Federal Government privatization process for the plant was fraught with various allegations of irregularity and under hand dealings.
According to the group, higher bids by Nigerians by Transcorp/Dangote Consortuim were put aside and the $2.4 billion plant, was sold to Bangkok-based Indorama Petrochem Company Limited for a paltry N215million, and stressed the need for a review of the sales.
However, Head of Public Communication of the Bureau of Public Enterprises (BPE), Mr Alex Okoh, denied allegations of under hand dealings, saying much of what was quoted as official cost was actually ‘Political cost’.