By Chioma Onuegbu

Uyo—THE Federal Government has said that the biggest investments in the petroleum sector in the country will be in Akwa Ibom State. Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, said that over $7 billion had been earmarked for the projects following the peaceful atmosphere that the state enjoys.

Kachikwu at a Town Hall meeting organised by the Federal Ministry of Information and Culture for the South-South zone, noted that the Federal Government had worked out a modalities with the Independent Power Plant, IPP, where the IPP will get 500 megawatts of electricity from ExxonMobil, including gas pipelines to enable government take gas from production fields back to the plants.

According to him, there are some other major investments besides methanol plants, which will be located in the state. “Let me say that some of the biggest investments that are coming into petroleum sector will be in Akwa Ibom. Right now, we are finalising the IPP project with Mobil which will produce 500 megawatts of electricity,” he said.

“We are also finalising the gas pipeline which will enable us take gas from production field back to those facilities. Also, a major investor is coming in to work with the NNPC to develop some facilities, including a methanol plant.”