The Nigerian National Petroleum Company (NNPC) Limited says it has signed a landmark memorandum of understanding (MoU) with Indorama Eleme Petrochemicals Limited (IEPL) on gas supply.
In a post on the X social media on Saturday, the company said the deal, estimated at $ 7 billion, was sealed in to promote the use of natural gas by large-scale gas utilisation industries.
The IEPL is a subsidiary of Indorama corporation that produces poly-olefins of a range of polyethylene and polypropylene products.
The deal is an offshoot of the recently held Nigeria-India presidential roundtable and conference at the G20 summit.
At the meeting, Indian conglomerates made investment commitments in Nigeria.
Four Indian multinationals, including Indorama Petrochemical Limited and Jindal Steel and Power Limited, pledged to invest $14 billion in Nigeria.
The IEPL was said to have pledged $8 billion in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State.
President Bola Tinubu had commended the firms for making investments in a country that offers “the best returns for investment possible”, adding that “there’s nowhere else like our country”.
He asked the investors to put their fears aside, assuring that he leads a team that can drive the goal of broad prosperity through investment and infrastructure.
“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests. The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we solve problems,” Tinubu had said.