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FINANCIAL NEWS
Natpet, Nigeria to develop petchem complex
04 Apr 2011
(MEANFN) Saudi Arabia’s National Petrochemical Industrial Company’s (Natpet) managing director, Matouq Jannah, said that the company finalized a memorandum of understanding (MoU) with the government of Nigeria by which the latter granted the Saudi company permission to develop a petrochemical complex in Nigeria, reported Arabian Oil and Gas.
Jannah said that Natpet would pump an initial investment of USD3.5 billion into the project which aims at selling petrochemical products.
Jannah did not reveal other financial aspects nor the production capacity of the project.
It is worth noting that the Saudi-based Natpet is a subsidiary of Alujain Corporation. The company has a production capacity of 400,000 ton of petrochemicals annually.
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