6 December 2017

Nigeria: Notore, New Free Zone Developer, Targets U.S.$5bn FDI, 25,000 Jobs

NEW Free Zone Developer, FZD, Notore Chemical Industries Plc, has the potential of attracting more than $5 billion Foreign Direct Investments, FDI, into Nigeria's economy in addition to creating no fewer than 25,000 jobs, the Oil and Gas Free Zones Authority, OGFZA, has revealed.

Consequently, OGFZA has conferred the Oil and Gas FZD status on Notore Chemical Industries Plc, following the company's satisfactory compliance with the requirements for a free zone developer licence.

At the licence presentation ceremony in OGFZA's office in Abuja, the Managing Director of OGFZA, Mr Umana Okon Umana, said government was pleased with the prospect that Notore Oil and Gas Free Zone would attract more than $5 billion in foreign direct investments into the country and create 25,000 jobs with its new status as a free zone developer.

Notore Chemical Industries Plc, a Nigerian agro-allied, petrochemicals and power company, is located within the Eleme industrial hub of Rivers State.

Mr Onajite Okoloko, Group Managing Director of Notore Chemical Industries, said at the licensing ceremony that the Free Zone Developer Status "will propel the company and indeed Nigeria, to become one of the largest petrochemical, fertilizer, refining, methanol, power, E&P logistics and hydrocarbon processing hubs in the world."

He said Notore "is in discussion with a number of international petrochemical, oil and gas logistics support companies as well as leading financial and strategic investors that have expressed interest and are at various levels of negotiations to invest in the project. The fertilizer and petrochemicals component of the project alone is expected to attract $5 billion investments when it comes on stream in the next two years."

Umana said OGFZA licensed Notore Chemical Industries Plc to operate as an Oil and Gas Free Zone Developer in line with sections 9 and 10 of the OGFZA Act and sections 32 and 33 of the Oil and Gas Export Free Zone Regulations, 2003.

"I am happy to report that having met the statutory requirements, Notore Chemical Industries Plc has been granted a Free Zone Developer Licence by the Authority within the area so designated under the Act of 1996," the Managing Director of OGFZA said.

He advised Notore Chemical Industries Plc "to note and comply with continuing obligations of a licensee as provided under section 34 of the 2003 Regulations," promising an enabling environment for investors in the new free zone.

Onajite said the new Oil and Gas Free Zone had attractions that investors would find hard to resist, including more than 559 hectares of land; a dedicated gas pipeline; 50MW of embedded power plant; more than 2km of shoreline; and 7500 sqm of jetty dock.

Nigeria

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