Fed Govt and Indorama talks on Port-Harcourt Refinery takeover progress

In a move to put Nigeria’s refineries back in shape, the Federal Government and Indorama continue their negotiations for takeover of the Port Harcourt Refining Company Limited (PHRCL). Indorama, the current owner and operator of Eleme Petrochemical Company Limited (EPCL), acquired 75% stake in 2005 of the PHRC for US$225 million after a tendering process. The company is poised at expanding scope of its operations by taking advantage of the window of opportunity offered by the full deregulation policy of the Federal Government in the downstream sector of the nation's petroleum industry.
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