$3.5 billion petrochemical plant planned for Bonny, Nigeria
By the AFREEQUE newsroom, based on Businessday
A $3.5 billion agreement provides for the construction of a petrochemical plant on a 500-hectare site in Bonny, in Nigeria’s Rivers State. The memorandum of understanding was signed by Best Option Chemical Limited, Chinese company CNCEC and the landowner, with the support of the Rivers State investment promotion agency, reports BusinessDay.
An agreement worth $3.5 billion has been signed to launch the construction of a new petrochemical plant in Bonny, in Rivers State, Nigeria, reports BusinessDay. The project involves the acquisition of 500 hectares belonging to Sene Kalada, traditional chief of the Wari Alabo community.
The recently commissioned road to the island contributed to its selection by investors. The return of peace and political stability in Rivers State also influenced the final investment decision, according to BusinessDay. The state’s economy is estimated at $20 billion, compared with about $259 billion for Lagos.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
