Indorama makes final payment for Eleme Petrochemicals

27-Oct-06

Indorama Group, the principal investor in Eleme Petrochemicals Company Limited (EPCL), paid US$225 million (N30 billion), completing its final financial obligations. An additional US$80 million has also been invested for the turn around maintenance of EPCL, to facilitate the commencement of operations. An efficiently managed petrochemical plant is likely to play a critical role in the industrial transformation of the nation. The revival of Eleme Petrochemicals by Indorama Group, in collaboration with an international finance group, marks a remarkable achievement of the Federal Government's four-decade old dream for the nation's industrial development through a vibrant petrochemical industry. Last year, on December 1, Indorama, which had offered very close to the reserve price, was declared the ˜winner" of the bid with its higher bid of $215.088 mlm. To achieve the reserve price, the BPE invited the winner for further negotiations, during which Indorama's financial offer was reviewed upward to $225 million. Indorama emerged as the core investor for EPCL with 75% equity stake in the company.