House of Representatives to investigate multi-billion dollar Eleme Petrochemical Co sale deal to Indorama

26-Feb-16

The House of Representatives has resolved to investigate the sale of multi-billion dollar Eleme Petrochemical Company to Indorama Corporation by the Bureau of Public Enterprises, as reported by thenationonlineng.net. The investigation will unravel why the US$2.4 bln plant was sold for US$215 mln. The resolution of the House was sequel to the adoption of a motion by Oluwole Oke. The lawmaker said the company was built at $2.4 billion with state of the art olefins plant, polyethylene/butane and polyprophene plant, captive power plant and caustic soda plant and other facilities. But due to lack of proper asset valuation, the company was sold to Indorama corporation for US$215 million by the Bureau of Public Enterprise.