After the two remaining bidders contending for Eleme Petrochemical Company Limited (EPCL) offered ridiculous prices for acquiring the company, Nigeria's National Council on Privatisation (NCP) has suspended further action on the privatisation of EPCL.
Facilities at EPCL include an olefins plant with a nameplate of 300,000 metric tpa, a 250,000 metric tpa polyethylene plant, a 80,000 metric tpa polypropylene plant, a butane 1 plant with a capacity for 22,000 metric tpa
steam unit of 250 tons/hr; 132 MW electric power generation capacity; 2,000 2/h raw water treatment facilities; cooling water system, effluent treatment facilities plant and instrument air cooling system, nitrogen plant and a storage plant. EPCL also has a plastic technology development centre, which was developed in collaboration with INIDO for product testing, product application, applied research, among others.
At the end of the second round of bidding, Indorama Group offered to pay $26 million for the company after defraying the liabilities while the Dangote/Transcorp Consortium offered $10 million aside from what it would take to settle the company's liabilities. The two bidders refused to increase their bid prices significantly, and hence further actions on the process were stopped.
07-Nov-05 
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