A new electricity generating company, Qua Iboe Power Plant, expected to cost more than $1 billion is to be set up at the Qua Iboe Onshore Terminal in Ibeno Local Government Area of Akwa Ibom State.

The Akwa Ibom State Governor, Mr. Udom Emmanuel, disclosed this at the weekend while fielding questions from reporters shortly after a meeting in his office with investors; the Nigerian National Petroleum Corporation (NNPC) joint venture, Dangote Group, BlackRhino, African Development Bank, International Finance Consortium (IFC) with the Islamic Development Bank as financiers of the project.

He said the new electricity project when completed would attract more investors and create employment as well as boost the economy of his state and the country. According to him, about four hundred million cubic scores of gas will be produced to enhance the drive of his administration that shall bring about a major leap in industrialization. He further assured of a congenial and safe environment for the investment in Akwa Ibom State

On his part, the Chief Executive Officer and founder of BlackRhino, Mr. Brian Herlihy, explained that the Qua Iboe Power Plant Project has a portfolio of more than one billion dollars in the partnership. The company, he said would build a 570 Megawatts Gas fire Power Plant using a Combined Circle Technology with General Electric equipment and world-class expertise that would utilize onshore and offshore gas for its operations to enhance the growth of other industries in the value chain.

This, he explained would have a replicate effect on the direct and indirect job market and expressed appreciation to the state governor for receiving them, assuring that the company would be alive to it corporate social responsibilities. He asked for cooperation from both the government and people of the state.

On his part, The Special Assistant to the Governor on Power, Mr. Meyene Etukudo, said Akwa Ibom is richly blessed with enormous economic potential. .Etukudo who identified power as a major element in the industrial development of the state and that about 567 megawatts of electricity would be added to the National grid to make up to about twenty percent of the present total grid in the country. The power plant project would be operated under Public Private Partnership (PPA) agreement.

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