Last week, Nigeria's privatisation agency had pre-qualified LG Chem, along with Indorama Group and Nigeria's Dangote Chemical, to acquire a 51% stake in Eleme Petrochemicals Company Ltd (EPCL). LG Chem Ltd., South Korea's biggest chemical firm, as well as LG Petrochemical Co. Ltd. have denied bidding for a stake in the petrochemical plant.
Nigeria has launched a probe into this alleged bid by LG Chem Ltd. The Nigerian government agency shortlisted LG Chem based on bid documents, including a 2004 annual report, it received from the Korean firm and its London representative. EPCL's capacities include 300,000 tpa of olefins and 250,000 tpa of polyethylene. The privatisation of the integrated petrochemical plant, located near the southeastern oil city of Port Harcourt, is one of several selloffs being pursued by the government in a recent acceleration of its economic reforms. Nigeria has been ranked the third most corrupt country in the world, and is notorious for ingenious business frauds. The country has set up a special agency to deal with them.
03-Aug-05 
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