• Monday, July 15, 2024
businessday logo

BusinessDay

Etugo Oil moves to realise $60 million petrochemical plant in Abia

petrochemical plant

Etugo Oil and Petrochemical Company Limited, an indigenous oil firm, with a vision to expand its operations into the manufacturing of petrochemical products and automobile components in Nigeria, has commenced the construction of a manufacturing plant in Abia State.

The project estimated at the cost of over $6o million and located at Ubakala in Umuahia South Local Government Area of Abia State is expected to be completed in 12 months.

Ndubuisi Ogah, chief executive officer (CEO)  Etugo Oil and Petrochemical Company Limited, also revealed  that the firm was on the verge of partnering with Afrexim, Nexim, Bank of Industry (BOI), Ministry of Trade and Investment and some foreign investors on the project, which is expected to provide about 2000 jobs.

The multi-product manufacturing plant, will consist of a lube plant, plastic manufacturing plant, batteries, tyre and tubs as well as soap and detergent manufacturing plants.

The ground breaking ceremony was performed by Theodore Orji, the immediate past Governor of Abia State, who, commended the management of Etugu Oil for investing in the State and promised to continue to assist the company to realise the project.

Orji urged other genuine investors to consider establishing in Abia, which according to him is secure and investors’ friendly.

Eboh Duke Okorie, a former commissioner in Abia State, reiterated that the establishment of the plant in the area, would provide job and related opportunities to the host community in particular and Abia State in general.

 

GODFREY OFURUM