The Imo State Government on Wednesday disclosed that it has established a Petroleum Development Company (ISPDC) as part of measures to make the state play meaningful role in the Oil and Gas sector of the nation’s economy. Special Adviser to the Governor and Coordinator Oil and Gas, Rt. Hon. Goodluck Nanah Opiah, disclosed this while fielding questions from journalists in Owerri, assuring residents that the newly established oil firm would lead to massive job creation for the teeming population of the state. Opiah said that the company had been established about 20 years ago to be a major player in the Oil and Gas sector for the state, noting that Governor Hope Uzodimma had increased the share capital of the company to 10 billion shares.
He added that the oil producing company partnered with the Oak Company, a company based in the United States of America for the establishment of a refinery in Ohaji/Egbema Local Government Area during the Ikedi Ohakim administration did not materialise partly because of the restiveness in the Niger Delta region which forced the U.S. Government to place travel restrictions on the states in the Niger Delta, which also led the Oak Company to pull out of the deal.
Opiah, who said the Imo State Petroleum Development Company, would establish refineries in addition to prospecting for Oil and Gas disclosed that the Company will also engage in the production of petrochemical products beside oil production. He, however, assured residents and the oil producing communities that the state would begin to have better deals in the Oil and Gas sector as the government was poised to making sure that the state maximized all the opportunities open to it in the sector.