A full subsidiary of state-owned Nigerian National Petroleum Corp., Eleme Petrochemicals commenced operations in 1995. It's the largest olefin-based plant in Africa, and has enough capacity to meet the untapped domestic and regional demand market. The olefins plant has a capacity to produce 300,000 tpa ethylene, and 120,000 tpa propylene.
On 1 July, the Nigerian government appointed an interim technical board to ensure its smooth privatization of Eleme Petrochemical Company Ltd. (EPCL), scheduled to be completed this year. Nigeria`s privatisation agency, Bureau of Public Enterprises (BPE), has short-listed three prospective investors for the acquisition of 51% government shares in the (EPCL). The three shortlised bidders as Dangote Chemical Company Ltd., an indigenous company, LG Chemical Ltd., a subsidiary of LG Electronics of South Korea, and Indorama Group, a multi-national group. Ordinary investors will also get a chance to buy into the privatization of Eleme Petrochemicals Co. later this year, as the balance 49% of the company will be sold to the Nigerian public.
The planned privatization is expected to provide resources needed for completion of the remaining two stages of the company's three-stage expansion program. The second and third stages of the expansion will involve the establishment of process plants for the production of polyesters and polyvinyl chloride resins, respectively.
29-Jul-05 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}