Indorama in discussion to acquire Port Harcourt Refinery

17-Jun-09

Indorama is in discussions with the Federal Government to acquire operations of the Port Harcourt Refining Company Limited (PHRCL). The company will benefit from new opportunities due to complete deregulation policy of the Federal Government in the downstream sector of the nation's petroleum industry. Indorama currently owns and operates Eleme Petrochemical Company Limited (EPCL). Earlier, the Federal Government had declared that it is determined to hand over the Turn Around Maintenance (TAM) of the four refineries in Nigeria to experts, majority of who are expatriates, following the recent discovery that the contracts for this all important work have been previously awarded for political reasons.