Home / Knowledge / News / Textiles / Quantum Petrochemical to set up methanol plant in Nigeria
Quantum Petrochemical to set up methanol plant in Nigeria
26
Aug '14
Nigerian President Goodluck Jonathan performed the groundbreaking ceremony for the construction of a methanol plant in Ibom State last week.

The methanol plant, to be constructed at a cost of US$ 1.5 billion, is being set up by Quantum Petrochemical Company, a company established by founder of Zenith Bank, Jim Ovia, Daily Live reported.

The President said, “This $1.5 billion plant will put Nigeria on the global map for petrochemicals processing, particularly given the role that firms like IHS and Saipem are playing as consultants and project developer, respectively”.

He added, “The federal government has sought to support such gas-based industries through the gas master plan strategy and would continue its efforts to make gas available for such projects.”

He further advocated establishment of more such petrochemical plants in Nigeria to create wealth, jobs and boost its foreign exchange earnings.

Jim Ovia, Chairman of Quantum Petrochemical underscored the importance of petrochemicals industry by saying, “Petrochemicals provide the foundation for manufacturing industries like textiles, construction, packaging, pharmaceuticals, agriculture, etc”.

He said the petrochemical complex would lead to starting of many local industries which will offer numerous employment opportunities for Nigerians.

He explained, “Our plant’s huge consumption of 170 mmscf of gas per day will help fuel investment in gas infrastructure that will also be of benefit to the power sector. Nigeria has the capacity, both human and natural resources, to become a world leader in petrochemicals.”

“I am very excited at the prospect of Quantum Petrochemical becoming one of the first wholly private sector-led petrochemical complexes to be developed in Nigeria”, he concluded by saying.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Ikea

Textiles | On 26th Apr 2017

Ikea’s product sourcing from India to double by 2020

Ikea, the global home furnishing giant from Sweden, plans to double...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search