Quantum selected Ibeno for world-scale methanol plant
The Nigerian Quantum Petrochemical Company Limited (Quantum) has decided to invest $1.5 billion capital expenditure in a world-scale petrochemical and methanol complex at Ibeno in the Akwa Ibom State of the southern Nigeria on the Gulf of Guinea.
Quantum was recently founded by the Nigeria banker Jim Ovia, ranked by Forbes among to top twenty richest man in Africa.
Until now, Jim Ovia was famous in Africa for having founded the Zenith Bank and for running the local telecommunication company Visafone.
Jumping in the footprints left by the Nigerian and Africa richest man Aliko Dangote, Jim Ovia has identified the opportunity to develop the downstream sector of the local oil and gas industry in Nigeria.
For years now Nigeria is exporting natural gas and crude oil while importing refined products, petrochemicals and fertilizers, therefore Nigeria is offering significant opportunities to monetize locally its natural resources.
Unfortunately the permanent instability and insecurity on all onshore installations prevent the foreign companies to contribute directly to this effort, for now the major companies are selling most of their onshore assets.
Anyway Nigeria undertook a large campaign to capture the flared gas which contributes to increase the local production in a context of lowering prices.
In this context, the Nigerian businessmen such as Dangote and Ovia have detected the opportunity to provide a local response to the domestic market needs with the full support of the Government Gas Master Plan.
Nigeria Quantum Petrochemical reaches design phase
For his Quantum Petrochemical and methanol project Jim Ovia selected Ibeno as located at the mouth of the Qua Iboe River on the Gulf of Guinea in order to facilitate the deep water harbor access for the large carrier or offshore pipelines.
As a banker, Jim Ovia analyzes the profitability of the investment as a petrochemical complex but also in the opportunities it will open to develop the manufacturing sector to produce tyres, plastics, construction materials, textiles fibers, packaging, pharmaceuticals, cosmetics.
In producing locally these building blocks of the industry, Jim Ovia is already looking a step further with the Quantum Petrochemical project to attract in the Akwa Ibom State number of manufacturing activities that could find there competitive feedstock and looking for financing.
In this scheme, Jim Ovia is willing to proceed on fast track and has already started the ground work in parallel to the front end engineering and design (FEED) of the Quantum Petrochemical and methanol complex.