US-based firm to invest $4bn in Delta State

ASABA—THE strategic approach of the Delta State Government in establishing the State Oil Producing Areas Development Commission (DESOPADEC) has attracted unprecedented attention from the international community with a United States based fi rm, Trans Atlantic Integrated Development Corporation of New York announcing plans to invest about 4 billion US dollars in the state in providing ethanol plant, housing, portable water and power generation.

Aside from Trans Atlantic fi rm of New York, other US based fi rms are also to partner with the commission to build mobile refi nery that has the capacity to refi ne about 48,000 barrels of crude per day and a gas gathering and processing plant. DESOPADEC Chairman, Chief Wellington Okirika who disclosed this in Asaba when he led a fi ve-man delegation of international core investors to meet with Governor Emmanuel Uduaghan at Government House Asaba noted with nostalgia that “everyday the Commission is besieged by local and international businessmen and core investors who are anxious, ready and willing to contribute their quota in our bid to ensuring sustainable development, peace and security in the Niger Delta area”.

Mr. Jack Hefernan, who led the Trans Atlantic Development Corporation later, told reporters after the courtesy visit that “we have signed an agreement with DESOPADEC for a comprehensive programme to deliver housing, portable water and power generation and ethanol to people in the region. This is not a one month, four month or six months programme. This is going to be an ongoing thing for years and we are going to build over 10,000 houses, power plants, ethanol plants and agriculture. We are looking forward to be upward of $4 billion over an extended period of time.”Also speaking, Okirika said that two other US based fi rms were in the process of partnering the commission to build “modular refi nery that is mobile refi nery that can produce about 48,000 barrels a day, building gas gathering and processing plant”.