“Sale of Eleme Petrochemical Generated $300million” – BPE

The Bureau of Public Enterprises, BPE, on Wednesday, July 27, said a total of $300 million was realised from the sale of Eleme Petrochemical Company Limited, EPCL,in 2006.

The BPE Acting Director-General, Abubakar Dikko, spoke during a public hearing held by the Ahmed Yerima – headed House Committee on Privatisation and Commercialisation.

Dikko explained that Indorama which eventually emerged preferred bidder of the exercise, is building a $1.8 billion fertilizer and methanol plants; high quality products; excellent public private partnership, corporate social responsibility and community development and has 723 workers as at February 29 this year.

In its presentation to the Committee, BPE said AMB/Future View Consortium submitted $3,241,241,447 financial proposal; CSFB/Foster Wheeler Consortium submitted $3,735,568.68 while FBN/Standard Bank Consortium submitted N117,000,000 ($883,685.80) in 2004.

FBN/Standard Group Consortium was recommended to World Bank for selection on the basis of combined technical and financial evaluation score, on November 1 same year.

On why Dangote/Transcorp Consortium previous highest bid with $201 million was canceled when Indorama quoted $121.5 million in 2005, he said the Vice President who doubled as chairman in council, directed that both companies should resubmit their bids because they fell below the reserved price.