New free zone developer, Notore targets $5bn FDIs, 25000 jobs
The Oil and Gas Free Zones Authority (OGFZA) has conferred the Oil and Gas Free Zone Developer status on Notore Chemical Industries Plc, following its satisfactory compliance with the requirements for a free zone developer licence.
At the licence presentation ceremony in OGFZA’s office in Abuja Managing Director of OGFZA, Umana Okon Umana, said government was pleased with the prospect that Notore Oil and Gas Free Zone will attract more than $5 billion in foreign direct investments (FDIs) into country and create 25,000 jobs with its new status as a free zone developer.
Notore Chemical Industries Plc, a Nigerian agro-allied, petrochemicals and power company is located within the Eleme industrial hub of Rivers State.
Its Group Managing Director, Onajite Okoloko, said at the licensing ceremony that the free zone developer status, “Will propel the company and the country to become one of the largest petrochemical, fertilizer, refining, methanol, power, E&P logistics and hydrocarbon processing hubs in the world.”
He said Notore was discussing with some international petrochemical, oil and gas logistics support companies, as well as leading financial and strategic investors that have expressed interest and were at various levels of negotiations to invest in the project.
“The fertilizer and petrochemicals component of the project alone is expected to attract $5 billion investments when it comes on stream in the next two years,” he added.
Speaking further, Umana said OGFZA licensed Notore Chemical Industries Plc to operate as an Oil and Gas Free Zone Developer in line with sections 9 and 10 of the OGFZA Act and sections 32 and 33 of the Oil and Gas Export Free Zone Regulations 2003.
“I am happy to report that having met the statutory requirements, Notore Chemical Industries Plc has been granted a Free Zone Developer Licence by the Authority within the area so designated under the Act of 1996,” he said.
He advised the company “to note and comply with continuing obligations of a licensee as provided under section 34 of the 2003 Regulations,” promising an enabling environment for investors in the new free zone.