BPE confirms sum of US$300 mln realised from sale of Eleme Petrochemical Company Ltd in 2006

28-Jul-16

Bureau of Public Enterprises (BPE) has confirmed that the sum of $300 million was realised from the sales of Eleme Petrochemical Company Limited (EPCL) in 2006, as per businessdayonline.com.
Abubakar Dikko, BPE acting Director General explained about the cancellation of the previous bidding in which Dangote/Transcorp Consortium quoted the highest bid with US$201 million while Indorama quoted US$121.5 million in 2005. He explained that the Vice President who doubled as chairman in council, directed that both companies should resubmit their bids because they fell below the reserved price. At the final bid, Dangote submitted US$135.02 mln while Indorama submitted US$215.088 mln without liability. The two bids below reserved price bid, but NCP declare Indorama as winner but not the preferred bidder. Thereafter, the Bureau negotiated with Indorama to up its and finally agreed to pay US$225 million and was confirmed as the preferred bidder.