Eleme Indorama Petrochemicals Company Limited plans an expansion of $2.2bn to become the largest Petrochemicals hub in Africa by 2020.
The Managing Director, Mr. Manish Mundra said while Making a presentation at the investigative hearing by the House of Representatives Committee on Privatisation, on the privatisation process and performance of the company in Abuja .He said this would be achieved through investments in the company’s 2nd train of fertilizer project and polymer plant expansion.
He said “with the revival of the company and the implementation of these projects, Nigeria has taken first mover advantage in West and Southern African countries in terms of import of technologies, employment generation and sustainable living standards as well as enhanced economic activity in the country”.
The MD stated that by the first quarter (Q1) of 2016, the company had paid $710million dividends to the Federal Government, Rivers State Government, host communities and the Nigerian staff and that this was expected to rise to $1.09bn by 2020. He said the company’s tax remittances up to December 2015 were $380 million which would rise to $838 million by 2020 and that the company has earned the country $11.8bn in Gross Domestic Product (GDP) up to 2015 which is expected to peak at $30.6bn by 2020.
According to him, the realization of a fertilizer project within 36 months in the country has created a benchmark for others to follow worldwide.