Indorama, NNPCL working on $7 billion short-term investment in Petchem – Mele Kyari

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) has said that the company is working with Indorama to see how $7 billion can be invested in petrochemicals in the short term in Nigeria.

He said this on Wednesday, September 6, during the Nigeria-India Business Forum in New Delhi, India alongside President Bola Ahmed Tinubu. According to Kyari, India is now one of the growing markets for Nigeria’s crude oil, condensates, and liquefied natural gas (LNG).

This creates an opportunity for establishing significant investments in both the upstream and downstream sectors of the oil and gas industry in the country.

Kyari said:

• “Recently, there has been a growing appetite that has produced results in the LNG and liquefied petroleum gas (LPG) market and potentially to expand petrochemical businesses in our country. I can tell you one of our colleagues is here, Mr. Manish of Indorama, we are working with them to see a $7 billion investment in the short term to grow our petrochemical and fertilizer business.
• “I know that this won’t work except you have a very stable fiscal environment, an enabling business climate, the sanctity of contracts, and the support of government which is abundant from Mr. President’s determination to have an inclusive business-reliant and business-dependent economy.
• “Several investments are coming in, particularly from Indian companies and I can assure you that those sanctity of contracts particularly in the gas sector, which the world needs.”

While addressing attendees at the event, President Tinubu tried to convince investors that his administration is ready to do business and he is willing to step in and ensure that companies facing challenges see a resolution in the shortest possible time.

Tinubu said:

• “Indorama had a lingering problem for years with the NNPCL, When it came to my attention, I stepped in and asked for results in 21 days, and before 21 days, Mele Kyari came to my office with some papers saying he had solved the problem. Now, Indorama is going to pump in money to invest more and create more employment.”

Note that on September 5, when President Tinubu met with Gopichand Hinduja, the CEO of Hinduja Group who wants to invest in Nigeria’s auto business, he told him that there is no bottleneck he will not break to facilitate ease of doing business in Nigeria.

He said:

• “We are here for business. I am here to personally assure our friends and investors that there is no bottleneck that I will not break. Nigeria will become one of the most conducive places to make good profits and create lasting jobs.
• “With my support, nothing is standing in your way of enjoying the unrivalled opportunities presented by our massive market and the ingenious and hardworking nature of the Nigerian people. We are open for business.”