The Nigerian National Petroleum Company Limited (NNPCL) has signed a N5.48 trillion ($7 billion) gas supply deal with Indorama Eleme Petrochemicals Limited.
According to the NNPCL, the agreement is aimed at promoting the use of natural gas by large-scale gas utilization industries.
The Group Chief Executive of NNPCL, Mele Kyari, signed the agreement, highlighting that Section 64(i) of the Petroleum Industry Act (PIA) empowered NNPCL to develop and operate such industries.
Kyari stressed that natural gas and its associated liquids will drive economic growth, increase crude oil exports, and foster job creation.
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A statement it issued Saturday, September 16, 2023, in Abuja read;
“NNPC Limited signs a landmark Memorandum of Understanding with Indorama Eleme Petrochemicals Limited on gas supply in a bid to promote the use of natural gas by large-scale gas utilization industries.”
Indorama is a Singapore-based corporate group that manufactures a variety of products including polyethylene, polypropylene, polyester fiber, Spandex filament, spun yarns, fabrics, nitrogen fertilizers, phosphate fertilizers, cotton fiber, and medical gloves.
It is one of the world’s leading producers in the intermediate petrochemicals industry and a global manufacturer of wool yarns.
The company was founded by Indian businessman Aloke Lohia in 1994.
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