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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

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