Indorama Eleme Petrochemical Limited has begun export of fertilizer from its subsidiary, Indorama Eleme Fertilizer and Chemicals Plant.
This followed the completion of its new world class ultra modern fertilizer plant, and its OIPL Port Terminal at Onne Port Complex.
Head of Corporate Communications, Indorama, Dr. Jossy Nkwocha who confirmed this in an interview said the first granules of urea fertilizer was exported by the company in May 2016.
Nwocha disclosed that the new fertilizer plant cost Indorama a whooping US1.5 billion funded by the International Finance Corporation (IFC), and other international and Nigerian leading institutions.
“The plant has capacity for 1.4 million metric tons per annum. The fertilizer production will save Nigeria huge foreign exchange. All stakeholders especially agro-dealers and farmers nationwide are in jubilant mood as the Indorama fertilizer will boost farm yield nationwide and enhance food harvest, food security and wealth creation.
The OIPL Port Terminal is also functional and has state-of-the art facilities to handle fertilizer export. The two mega projects completed on schedule are major milestones achieved by Indorama operations in Nigeria”, Nkwocha stated.
Commending the state governor for the implicit confidence he has in the ability of Indorama to pay dividends, Nkwocha said the company will continue to do its best to ensure that all stakeholders reap from their investments.
Meanwhile the Rivers State House of Assembly has granted the request of Governor Nyesom Wike to access a nine billion naira loan from the Zenith Bank.
The approval followed a correspondence to the Legislature from Governor Wike.
The governor in his request stated that the loan was to fund the renovation of General Hospitals and Government Secondary Schools across the state.
According to the request read by the Speaker of the House, Adams Dobotorudima, the loan facility will be serviced with the about three billion naira yearly earnings from the investment of the Rivers state Government in Indorama.
The request reads in part, “Apart from the ongoing capital intensive projects, we have concluded plans to rehabilitate some hospitals and additional secondary schools.
“These important projects cannot be delivered or well-funded on schedule unless we are able to secure or attract additional funds from other legitimate sources as enabled under the 2016 Appropriation Act.
“Subsequently, we have approached Zenith Bank Plc. to provide us with a loan of 9 billion naira to enable us deliver on our 2016 Capital projects.
“The loan will be secured on the state’s annual dividend earnings of not less than N3.2billion from our shareholding interest in Indorama Eleme Fertilizer and Petrochemical Limited with effect from the 3rd Quarter of 2016 to 2019.”
The Lawmakers during debate encouraged the Governor to access the loan since it was meant to fund capital projects in the 2016 Appropriation Law.
The request was approved after a unanimous vote by the Lawmakers who were present at the sitting.