A Review of the Nigerian Energy Industry

American conglomerate to inject $50bn in Nigeria’s oil, infrastructure

Favour Nnabugwu

23 April 2012, Sweetcrude, ABUJA – Amatex Technologies Corporation, an American-based conglomerate has offered to boost foreign direct investment, FDI, with N50billion investment in the nation’s oil and gas sector as well as infrastructure development.

Representatives of the conglomerate disclosed this during a meeting with Dr Samuel Ortom, Minister of State for Trade and Investment in Abuja recently.

The company said that it was ready to build two private, and solely fund 250,000 barrels per day capacity modular oil refineries at the ports in Tongeji and Itopo in Lagos and Ogun states respectively within a year.

Leading the conglomerate, Mr. Gabriel Oladipo, Chairman/Chief Executive of DAS Eagle oil Limited said the company was also ready to help the federal government to build two modular oil refineries in other parts of the country through Build, Own, Operate and Transfer, BOT model or any other mutually acceptable models.

He said other areas of interest include power plants, international airports and roads, as well as help the federal and states governments in the areas of their infrastructural needs.

He said that the company would also build world class hospitals and schools, participate actively in agriculture and agro-allied businesses, and the banking sector of the nation’s economy.

“The company is also interested in the banking sector, agro-allied industries and tourism. We want to engage in pipe-borne water projects, especially in the coastal areas where potable water will be derived from purification of water from the sea and lagoons leading to salt production”.

The company, he stated is alo interested In the tourism sector where it intends to build two five star hotels, resorts, amphitheaters, entertainment and theme parks as well as shopping malls.

He assured that the company has the technical competence and financial capability to execute all the projects, once the terms and conditions of funding and executing them are agreed to by the federal government.

“The project-financing structure for these and other projects that Nigeria may be interested in executing have been arranged,” the chief executive added.

He called on the government to give the company incentives as well as all the permits and approvals requested by the management to achieve the objectives adding that it also deserve tax holidays, pioneer status or capital allowances and import duties reliefs.

While also calling for security of investments and full rights to repatriate investments if and when desirable, he said, “Our company is ready, willing and able to assist Nigeria in executing its projects and development programmes which have been hampered by funds”.

He stated that the management was expecting to meet relevant government ministries, departments and agencies, MDAs very soon for the memorandum of understanding, MoU that would pave way for the quick establishment of the private refinery as well as other areas of investments and cooperation.

He said that the company is ready to immediately sign agreements on such projects to the tune of US $10 billion and start executing them immediately.

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  • Chioma peter

    Big tanks 2 Amatex techologie coperation,God bless u if u really cn do dis 4 Nigeria