Business

NCDMB, Notore explore investment opportunities

The Nigerian Content Development and Monitoring Board (NCDMB) has pledged support to Notore Chemical Industries Plc to develop its industrial complex to offer integrated services to oil and gas companies, and increase its contributions to the agricultural and infrastructural sectors.

NCDMB Executive Secretary Simbi Kesiye Wabote said this when he visited the company in Eleme, Rivers State. He also took extensive ground and aerial tour of the facilities.

The agro-allied, petro-chemicals and power company, he said, has bigger potential for industrialisation, because it has natural gas resources, generates its electricity and has been granted free trade zone status.  Wabote added that the ample land mass and other assets positioned the complex to host allied industries. It will also serve as a logistics base for key oil and gas operations.

He said: “This facility is just 15 kilometres to NLNG in Bonny, so there is potential to participate in the NLNG Train 7 project. There is vast land here, so you can also have accommodation for projects. This location could become a staging ground for most of the NLNG construction that would happen.”

Wabote suggested that the Notore’s facility could also be considered for the execution of SNEPCo’s Bonga-Southwest Aparo’s deep water project. “That project would also happen and we are looking for draft and you have it here. There are potentials for ancillary factories that support the oil and gas sector.”

Recalling that the complex suffered poor management when it operated as the National Fertiliser Company of Nigeria (NAFCON), Wabote commended the current management for revitalising the assets and expressed delight that key operations of the fertiliser plant were being run by Nigerians.

He said: “All the people manning the operations are Nigerians. The feeling is unbelievable and this is what we talk about in NCDMB in terms of industrialisation and the synergy we must build across sectors. This is one of those companies that are changing the face of Nigeria in terms of agriculture. What the company does and the impact to our economy is unbelievable.”

Notore Chemical Plc Group Chairman Mr. Onajite Paul Okoloko thanked the executive secretary for the visit.

He explained that Notore’s assets straddled across the agricultural, oil and gas and infrastructural sectors, and the management was striving to build a second fertiliser plant, which would increase support to farmers with high-yield fertilisers and best practices.

Okoloko said the company was determined to build an industrial city and commercialise some of its assets, which include the 560 hectares of land and two kilometres of water front.

According to him, “the larger picture from one of our subsidiaries, Notore Industrial City, is to create an industrial chemical estate. Our free trade zone is rated number 1 by Pricewaterhouse Coopers in the sense that it has a deep river port, 10.5 meters of tradable draft, with direct access to the ocean. We also have 560 hectares of land and is the only free trade zone in the country that has gas and power.

“In our estate you can have fertiliser plants and petrochemicals because we have the gas infrastructure so you can use that as raw material. At the same time we have a logistics base that can support the oil and gas industry. So, we have the logistics on one hand and the commercialisation of gas which is being flared in the country, so this becomes a gas hub.”

He said the company would work with various stakeholders to “optimise the location to create significant amount of industrialisation, which is key to the economic growth of the country and at the same time, employ a huge amount of local skills to support the facility we have here.”

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