INVESTMENT OPPORTUNITY IN NIGERIA` S NEW OIL AND GAS FREE ZONE

-


The new free zone company, Notore Chemical Industries FZE, will establish an oil and gas processing center in Onne, Rivers State, one of the largest in the region, strengthening the status of global player on the market. OGFZA chief executive Umana Okon Umana said the government hopes the project will attract large foreign direct investment (FDI) and create up to 15,000 jobs. He indicated that the Authority will ensure that a "favorable environment" is provided to investors in the free zone, by ensuring that the incentives provided by law are accessible. Speaking at the licensing ceremony, Notary Group's Managing Director, Onajite Okoloko, said his status as a free zone developer will bring "great opportunities" for Nigerian and international investors. "They will be impressed by more than 559 hectares of land, a dedicated gas pipeline, 50 MW of onboard power plant, more than 2 km of coastline and 7500 m² of jetty. Okoloko added that the development of Notore Free Zone would help diversify Nigeria's economy, helping the country to become Africa's leading petrochemical center.
Prior to the free zone, Notore entered into a strategic gas sales agreement with Eroton Exploration & Production (Eroton) which holds more than 4 trillion cubic feet of natural gas located 14 kilometers from the Notore site. It is expected that access to Eroton's important gas, alongside the Notore free zone with its port and logistics infrastructure, will create the right environment for petrochemical development.
Notore has entered into discussions with Mitsubishi Corporation to develop a methanol plant on the site and is seeking alliances with other logistics and petrochemical, oil and gas infrastructure companies and financial and strategic investors to participate in the development of the Free Zoned. Okoloko describes OGFZA as a very important catalyst for industrialization in Nigeria, adding, "This area will diversify the company's focus on refining, methanol, energy, E & P logistics and processing. I also hope that this will stimulate wider growth of the Nigerian economy by moving economic activity up the value chain and we look forward to continuing to work towards the goal of Notore to be a world-class industrial complex. "

Comments

Post a Comment

Popular posts from this blog

THE IMPORTANCE OF OIL DEPOT IN THE OIL AND GAS INDUSTRIES

-
Image
An oil depot (sometimes called a tank farm, installation or oil terminal) is an industrial facility for the storage of petroleum and / or petrochemical products and from which these products are generally transported to end-users or other storage facilities. An oil depot usually has a tank, either above ground or underground, and gantries (frame) for spilling products in tank trucks or other vehicles (such as barges) or pipelines. Oil depots are usually located near oil refineries or in places where tankers containing products can unload their cargo. Some deposits are attached to pipelines from which they draw their supplies and deposits can also be fed by rail, barge and tanker (sometimes called "bridge"). Most oil depots have tank trucks that operate from their land and these vehicles transport products to service stations or other users. An oil depot is a relatively unsophisticated facility in that (in most cases) there is no processing or other processing on the si
Read more

Typical flare system in industrial plants

-
Image
 Diagrammatic representations of a typical vertical, elevated flare stack system in an industrial plant. During operations, when industrial plant equipment items are over-pressured, the pressure relief valve is an essential safety tool that automatically releases gases and sometimes liquids. Those pressure relief valves are essential by industrial design codes and standards as well as by law. The released gases and liquids are directed through large piping systems known as flare headers to a vertical elevated flare. The escaped gases are burned as they exit the flare stacks. The size and brightness of the resulting flame is determined by the flammable material's flow rate in joules per hour (or btu per hour). Majority of industrial plant flares have a vapour-liquid separator(also called a knockout drum) upstream of the flare to remove any large amounts of liquid that may go along with the relieved gases. Steam is f
Read more

The Oando forensic audit is delayed

-
Image
The delay of the Nigerian oil and gas company Oando plc's judicial audit by the Securities and Exchange Commission, SEC, is caused by "payment to auditors and other logistical problems," PREMIUM TIMES has learned. A senior SEC official told PREMIUM TIMES on Tuesday that the regulator was working to open the audit after the holidays, in 2018. The source, who spoke under strict conditions of anonymity, also referred to some of the challenges faced by the organization in the area of ​​logistics and payments to be made to external auditors. On December 5, the SEC informed Nigerians that the judicial audit of the company would begin as of the next day of notification.  But PREMIUM TIMES reported Monday that two weeks after the announcement, the regulator had not started the audit yet . "You know they (external auditors) are from the private sector and this exercise also requires money."   There may be some concerns about the payment because the auditors would
Read more