Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari has said that the company is working with Indorama to invest $7 billion in the country’s petrochemical sector in the short term.
Kyari stated this during the Nigeria-India Business Forum in New Delhi, India.
President Bola Tinubu is also attending the conference.
The NNPCL CEO note that India is now one of the growing markets for Nigeria’s crude oil, condensates, and liquefied natural gas (LNG) and it was an opportunity for establishing significant investments in both the upstream and downstream sectors of the oil and gas industry in the country.
“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,” Kyari stated.
Also in an address at the conference, President Tinubu assured investors that his administration was ready to do business and he was willing to step in and ensure that companies facing challenges see a resolution in the shortest possible time.
“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,” Tinubu stated.
