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RSG Hails Indorama, Woos Investors
The Rivers State Governor, Chief Nyesom Wike, has described the new fertilizer plant of the Indorama Eleme Petrochemicals Company Limited (IEPCL) in Eleme Local Government Area, as a clear testimony that the state is a safe haven for multi-billion dollar investments.
Speaking at the Indorama Eleme Petrochemicals Company Limited on Monday after a facility tour of the urea plant of the new subsidiary, Indorama Eleme Fertiliser and Chemicals Company Limited, Wike called on investors to seize the opportunities that abound in the state to do their business.
He said: “Rivers State is a safe place for investors to commit their funds for profits.
“For the company to develop the world’s largest single urea fertiliser plant, build an 83-kilometre gas pipeline and set in place a big manufacturing concern in three years, shows that this state is the business hub of the country”.
According to him, for the company to expend about $3 billion across five local government areas in the state to develop production facilities, proves that all the reports about insecurity are sponsored propaganda.
Promising that his administration will continue to provide the enabling environment for investors to thrive, the governor pointed out that the state government will partner with Indorama to build a sustainable small and medium scale enterprises hub for Rivers people to benefit.
He described the new Indorama Eleme Fertiliser and Chemicals Company Limited as, “a right investment in the right environment”.
The governor called on the company to improve on the employment of indigenes into management positions for more fruitful relationship with host communities.
He directed the state attorney-general and the special adviser on investment to work out details on the partnership structure between Indorama and the state government.
Earlier, the Managing Director and Chief Executive Officer of Indorama Eleme Petrochemicals Company Limited, Mr Manish Mundra, said that the company was a success story of public private partnership (PPP).
He said that over the years, the company has paid $34 million to the Federal Government and $23 million to the Rivers State Government.
He added that with the presence of the company, Nigeria has saved $659 million that would have been used for importation.
Wike was accompanied on the inspection by some members of the State Executive Council, and other top government functionaries.
The Tide reports that the Federal Government, Rivers State Government and the Eleme community have equity stakes in the multi-billion dollar world-class petrochemicals facility, which has continued to report huge annual profits since its acquisition by Indorama Group in 2006.
It would be recalled that the facility, hitherto owned and managed by a subsidiary of the Nigerian National Petroleum Corporation, Eleme Petrochemicals Company Limited (EPCL), was initially moribund and abandoned before the Indorama Group acquired, refurbished and turned around the huge complex into a profitable PPP venture.
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