The Nigerian National Petroleum Company (NNPC) Limited has announced the signing of a significant memorandum of understanding (MoU) with Indorama Eleme Petrochemicals Limited (IEPL) regarding gas supply,TheaCble reports.
This groundbreaking agreement, valued at approximately $7 billion, aims to advance the utilization of natural gas within large-scale gas-dependent industries.
IEPL, a subsidiary of the Indorama Corporation, specializes in the production of a wide range of polyethylene and polypropylene products known as poly-olefins.
ALSO READ: All Eyes On Tinubu’s ‘Lean’ UNGA Delegation
This collaboration is a direct result of the recent Nigeria-India presidential roundtable and conference held during the G20 summit. During this event, several Indian conglomerates, including Indorama Petrochemical Limited and Jindal Steel and Power Limited, made substantial investment commitments in Nigeria, totaling $14 billion. IEPL, specifically, pledged $8 billion to expand its fertilizer production and petrochemical facility in Eleme, Rivers state.
President Bola Tinubu expressed his appreciation for these investments in a country he believes offers exceptional returns on investment. He urged investors to cast aside any reservations, assuring them of his leadership and team’s ability to drive prosperity through investment and infrastructure.
Tinubu emphasized, “Do not delay. Do not be apprehensive about investing in Nigeria. Come forward, ask your questions, and make your requests. The opportunities for trade and investment are vast. I lead a team capable of solving challenges and ensuring success.”