- January 25, 2017
- Posted by: Destiny Young
- Category: News
Umana restates FG support to free zone investors
The managing director of the Oil and Gas Free Zones Authority (OGFZA), Mr Umana Okon Umana has restated the federal government policy of maximum support to all investors in the country’s oil and gas free zones. Speaking during official visit to Indorama and Brawal offices in Onne, Rivers State, Umana commended Indorama and Brawal for their show of strong confidence in the nation’s economy and pledged to create the enabling environment for Brawal, a free zone developer, and Indorama, a free zone investor, to optimize return on their investments.
Umana explained that OGFZA’s support for free zone businesses include unflagging implementation of the policy on ease of doing business, enhanced in part by the one-stop-shop concept in force in the free zones; a regime of attractive package of incentives highlighted by 75 per cent import duty rebate, 100 per cent foreign ownership, as well as 100 per cent repatriation of profit and dividends.
The managing director and his team were later taken on a facility tour of Indorama production facilities at the free zone, including the company’s export platform. Mr G Manjunyha, who conducted the facility tour, informed the OGFZA team that his company has $1.2 billion worth of investment in the free zone. Manjunyha reported that Indorama exported more than 1.2 million metric tons of urea last year and supplied a further 300,000 metric tons of the product to the domestic market.
At Brawal Shipping Services, Umana informed free zone businesses that OGFZA operates an open door policy and that his management team is always available to help solve policy-related problems that could hamper legitimate operations of free zone investors. He advised businesses at the free zones to bring their policy-related challenges to his attention any time they arise.
He called for more collaboration between investors and the regulator y in order to achieve greater synergy and facilitate ease of doing business in the free zones.
Expressing joy at the visit by OGFZA management team, Brawal branch manager, Mr Afam Emmanuel, said the visit was the first in five years to his company from the leadership of OGFZA.