Akwa Ibom to establish Oil & Gas Free Zone

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Gov. Udom

Mkpoikana Udoma 11 January 2017, Sweetcrude, Uyo – The Oil and Gas Free Zones Authority, OGFZA, and the Akwa Ibom State government have concluded plans to establish an oil and gas free zone in the state.

To this end, a joint committee of six members made up of three members of the state’s executive council and three heads of department of OGFZA has been set.

The project implementation committee was set up during a meeting between the state government and the management of OGFZA in Government House, Uyo, the Akwa Ibom State capital.

Managing Director of OGFZA, Mr. Umana Okon Umana, in his speech, described the meeting as “a continuation of the discussion between the Authority and the State for the establishment of the target free zones.”

Umana suggested possible locations for the project in the state as Ibaka in Mbo Local Government Area, Ibeno in Ibeno Local Government Area and Ikot Abasi Local Government Area.

He also briefed the governor on the regime of incentives available only at the oil and gas free zones to investors, including 75 percent import duty rebate.

The OGFZA boss recalled that both parties to the project had met earlier on May 2014 during which OGFZA and the Akwa Ibom State government agreed to their respective contributions to the establishment of the oil and gas free zones in the state.

“OGFZA had undertaken at the earlier meeting to make its expertise available for the establishment of a competitive Oil and Gas Free Zone with best global practices and to also help to fast-track all the paperwork and other regulatory issues required for the project,” Umana said.

Responding, the Akwa Ibom State governor, Mr. Udom Emmanuel, said he was excited by the idea of oil and gas free zones in the state and promised his administration’s full cooperation and commitment to the project execution.

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