Indonesia based SP Lohia promoted Indorama SPL group, is close to acquiring 75% of the equity capital of Nigeria's state-owned Eleme Petrochemicals for US$225 mln. Eleme had attracted bidders globally, including Dangote Chemicals, Korea's LG Chemical, which is a unit of LG Electronics and Transnational Corporation of Nigeria.
Eleme is a subsidiary of Nigeria's National Petroleum, with a capacity of 300,000 tons of olefins, 250,000 tons of polythylene and 80,000 tons of polypropylene. Eleme is one of the largest petrochemical companies in Africa, with a prominent marketshare in the African resins sector and is the only olefin-based plant in the sub-Saharan market. The deal will propel the US$600 mln Indorama SPL into the global league, apart from giving it a big share in the African petrochemicals market.
20-Feb-06 
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