RSG and Indorama sign agreement on Eleme Petrochemical

24-Jul-06

The Rivers State Government has signed a partnership agreement with lndorama Nigeria Limited, the new owners of the Eleme Petrochemical Company, over the running of the complex. The State Governor has presented a cheque of one billion Naira, which is part of the state's 12.25% Counterpart funding. Offered by Indorama, out of the 75% total shares of the company. Indorama has already started rehabilitating the plant ahead of the commencement of production before the end of August, 2006. The new management has plans to scale production of the company to 100% of its installed capacity, which the company had never achieved.