The Oil and Gas Free Zones Authority (OGFZA) has conferred the Oil and Gas Free Zone Developer status on Notore Chemical Industries Plc, following its satisfactory compliance with the requirements for a free zone developer licence, The Guardian reports.
At the licence presentation ceremony in OGFZA’s office in Abuja, Managing Director of OGFZA, Umana Okon Umana, said government was pleased with the prospect that Notore will attract more than $5 billion in foreign direct investments (FDIs) into the country and create 25,000 jobs with its new status as a free zone developer. Notore Chemical Industries Plc, a Nigerian agro-allied, petrochemicals and power company is located within the Eleme industrial hub of Rivers State.
Its Group Managing Director, Onajite Okoloko, said Notore was discussing with some international petrochemical, oil and gas logistics support companies as well as leading financial and strategic investors that have expressed interest and were at various levels of negotiations to invest in its project. “The fertilizer and petrochemicals component of the project alone is expected to attract $5 billion in investments when it comes on stream in the next two years,” he added.