Notore Chemical Industries: Nigeria’s New Oil and Gas Free Zone “great opportunity” to Boost Foreign Investment

LAGOS, Nigeria–(BUSINESS WIRE)–The creation of a new Oil and Gas Free Zone in Nigeria will become
Africa’s largest petrochemical processing hub – paving the way for
renewed foreign investment in the region.

Nigeria’s Oil and Gas Free Zones Authority (OGFZA) conferred Oil and Gas
Free Zone Developer status on homegrown company, Notore Chemical
Industries Plc (Notore), an agro-allied, chemicals and power company,
earlier this month.

The new free zone enterprise, Notore
Chemical Industries FZE, will create an oil and gas processing hub
in Onne, Rivers State, which will be one of the largest in the region,
boosting Nigeria’s status as a global player in the market.

OGFZA Managing Director, Umana Okon Umana, says the government hopes the
project will attract significant foreign direct investments (FDI) and
create up to 15,000 jobs. He indicated that the Authority will ensure
that an ‘enabling environment’ is provided for investors in the Free
Zone, by ensuring that incentives provided by law are accessed.

Speaking at the licensing ceremony, Notore Group Managing Director, Onajite
Okoloko, said their Free Zone Developer status will bring “great
opportunities” for Nigerian and international investors.

“They will be impressed by over 559 hectares of land, a dedicated gas
pipeline, 50MW of embedded power plant, more than 2km of shoreline and
7500 sq m of jetty dock. Investments in the Free Zone will be free of
corporate, income and associated import taxes.” Okoloko went on to say
that Notore’s free zone development will help to diversify Nigeria’s
economy, supporting the country to become Africa’s leading
petrochemicals hub.

Prior to the Free zone award, Notore had entered into a strategic gas
sales agreement with Eroton Exploration & Production (Eroton) which
holds over 4.0 trillion standard cubic feet of natural gas located 14
kilometers away from the Notore site. It is anticipated that access to
significant gas from Eroton, alongside the Notore Free Zone with its
port and logistics infrastructure, will create the right environment for
the petrochemical development.

Notore has commenced discussions with Mitsubishi Corporation on
developing a methanol plant at the site and is seeking alliances with
other petrochemical, oil and gas logistics and infrastructure companies
and financial and strategic investors to participate in developing the
Free Zone.

Okoloko describes OGFZA as a very important enabler of industrialization
in Nigeria, adding: “This zone will diversify the company’s focus on
refining, methanol, power, E&P logistics and hydrocarbon processing. I
also hope that it will spur wider growth in the Nigerian economy, moving
economic activity towards the higher end of the value chain. We look
forward to continuing to work towards the achievement of Notore’s goal
of being a world-class industrial complex.”

Ends

Contacts

Notore Chemical Industries
Ngozi Mba – Head, Corporate
Communications
Email: [email protected]