Etugo Integrated Oil and Petrochemical Industries Limited, an indigenous oil firm, is to establish a petrochemical plant, worth over $60 million in Mgbarakuma community in Umuahia South Local Government Area of Abia State.
The multi-product manufacturing plant expected to be completed in 12 months, would consist of a lube plant, plastic manufacturing plant, batteries, tyres and tubs as well as soap and detergent manufacturing plants.
Governor Theodore Orji, while performing the groundbreaking ceremony, Monday at the plant’s site, along Enugu – Port Harcourt Express Road, 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, commissioner for housing, Abia State, earlier in his address, observed 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.
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He also revealed that the State Government recently paid N20 million compensation to Mgbarakuma community for the 25 hectres of land they donated to the State, for the plant and other projects and appealed to the community to extend hands of fellowship to the company, by ensuring that the facility is protected.
Elizbeth Adeyemo, group head, Oil and Gas, Etugo Integrated Oil and Petro-Chemical Limited, in an exclusive interview with BusinessDay, revealed that the firm’s technical partners, Orelle Group of India, are already in the country, pointing out that the project, would be realised at the specified period of 12 months.
GODFREY OFURUM
