Group urges govt to revisit sale of Eleme Petrochemical  

Mkpoikana Udoma 10 February 2016, Sweetcude, Port Harcourt – In line with the change mantra of President Muhammadu Buhari government, a group known as Advocate for Good Governance and Development has called on the federal government to conduct investigations into the sale of Eleme Petrochemical Company to Indorama Corporation.

Indorama operated Eleme petrochemicals plant.

Indorama operated Eleme petrochemicals plant.

President of the group, Mr Charles Alemeo,  in a statement  in Port Harcourt alleged that the company was sold for a paltry sum of $215 million while the construction cost of the firm was $2.4 billion.

In what he termed as huge difference in the sale and cost of construction, Alemeo said there was urgent need for the National Assembly and the federal government to revisit the exercise for the interest of the nation.
He said as a group they were hopeful that “in this era of change” the federal government and the National Assembly will give special and urgent attention to their appeal.
He recalled that the privatisation process was fraught with alleged irregularities, adding that there were cries against the alleged underhand dealings but they were ignored.
According to the statement, “The Eleme PetroChemical Plant was constructed by a world class consortium of premier engineering and EPC contractors of Chiyoda Corporation, JGC and Kobe Steel of Japan; Technimont of Italy, and SpieBatignolles of France at a cost of $2.4bn by the federal government of Nigeria and commissioned in 1990.The plant began operations in 1995.
“The sprawling complex sits on a 400 acre of land in Eleme Rivers State and had a state of the art Olefins plant, Polyethylene/Butane and Polypropylene plant; Captive power plant; Utilities; Effluent treatment plant; Storage Tanks; Bagging Plant; Numerous Warehouses for raw material and finished goods, and several other supporting facilities”.
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