Port Harcourt — The Acting President, Yemi Osinbajo, has presented a certificate for the Formal Release Ceremony to discharge Indorama Eleme Petrochemicals Limited (IEPL) from the mandatory five-year Monitoring Programme of the Bureau of Public Enterprises (BPE).
Presenting the certificate to Indorama at the company's premises in Eleme, Prof. Osinbajo said 75 per cent of Eleme Petrochemical Limited's equity was sold to Indorama for $225m while 10 per cent was sold to the NNPC Pension Fund for $30m.
He said following the transaction, the company was handed over to its new owners on October 26, 2006.
"Today is the culmination of that process of monitoring and oversight by the BPE. I am delighted that it is taking place on an inspiring and hopeful note, and that we are all here today celebrating a thriving and promising company," he said.
He noted that the Fertiliser Initiative of the present administration had created significant economic opportunities for companies like Indorama, stressing that he had been informed that Indorama would in 2017 supply about 360,000 metric tonnes of urea to fertiliser blenders.
"This is the kind of economic progress we are after, in which every unlocked opportunity proceeds to unlock several others across multiple sectors of the economy," he said.
He said the Federal Government would continue to support Indorama's expansion ambition.
Earlier, the Chairman of Indorama Fertiliser Chemical Ltd, Siri Prakash Lohia, said the plant was the largest angle train urea in the world with a capacity of 1.4 million tonnes per year.
He said with a total of $1.4bn in the plant, pipelines and export terminal, the fertiliser company was one of the largest investments done in the non-oil and gas sector.
Rivers State Governor, Nyesom Wike, said the state government had an investment interest in the company, saying that it would continue to support it.