News: Notore Oil and Gas Free Zone to Create 25,000 Jobs
The Managing Director, Oil and Gas Free Zones Authority (OGFZA), Mr Umana Okon Umana, has said Notore Oil and Gas Free Zone will attract more than $5 billion in foreign direct investment (FDI) into the country and create 25,000 jobs with its new status as a free zone developer.
Speaking during the licence presentation ceremony of Oil and Gas Free Zone Developer status on Notore Chemical Industries Plc in OGFZA’s office in Abuja, he said the licence presentation follows the company’s satisfactory compliance with the requirements for a free zone developer licence.
Notore Chemical Industries Plc, a Nigerian agro-allied, petrochemicals and power company, is located within the Eleme industrial hub of Rivers State.
Umana said OGFZA licensed Notore Chemical Industries Plc to operate as an Oil and Gas Free Zone Developer in line with Sections 9 and 10 of the OGFZA Act and Sections 32 and 33 of the Oil and Gas Export Free Zone Regulations 2003.
He said: “I am happy to report that having met the statutory requirements, Notore Chemical Industries Plc has been granted a Free Zone Developer Licence by the Authority within the area so designated under the Act of 1996.”
He advised Notore Chemical Industries Plc “to note and comply with continuing obligations of a licensee as provided under section 34 of the 2003 Regulations,” promising an enabling environment for investors in the new free zone.
Also speaking on the occasion, the Group Managing Director of Notore Chemical Industries, Mr Onajite Okoloko, said the Free Zone Developer Status “will propel the company and indeed Nigeria to become one of the largest petrochemical, fertilizer, refining, methanol, power, E&P logistics and hydrocarbon processing hubs in the world”.
He said: “Notore is in discussion with a number of international petrochemical, oil and gas logistics support companies as well as leading financial and strategic investors that have expressed interest and are at various levels of negotiations to invest in the project.” Okoloko said the fertilizer and petrochemicals component of the project alone is expected to attract $5 billion investments when it comes on stream in the two years time.
He said the new Oil and Gas Free Zone has attractions that investors will find hard to resist, including more than 559 hectares of land; a dedicated gas pipeline; 50megawatt (Mw) of embedded power plant; more than 2km of shoreline; and 7500 sqm of jetty dock.
He explained that Notore Oil and Gas Free Zone will help to diversify the economy by frog leaping the country to become the hub of petrochemicals in Africa. He said it will add value to Nigeria’s oil and gas resources, as against mere export of crude oil and gas; increase revenue streams for government; attract more FDI and create more jobs.
Onajite described OGFZA as a “very important enabler of industrialisation in Nigeria. “We look forward to continuing to work towards the achievement of Notore’s goal of being a world-class industrial complex.”
Source: The Nation