Why IOCs will relocate to Akwa Ibom

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Akwa Ibom state government has explained that the decision to embark on a 21-story tower building project was to ensure that multinational and International Oil Companies (IOCs) move their administrative base to the state.

The building which has reached the eight floor was initially intended to be cited at the former Etuk Market by Etuk and Aka roads Uyo, but was moved to the banking layout on Udo Udoma Avenue for more convenience and security.

Briefing newsmen in his office, the State Commissioner for Special Duties, Mr Akan Okon, stressed that the project would gulp about N19 billion and was being funded through Public Private Partnership (PPP) with the public sector providing 40 per cent while the state government parted with 60 per, cent of the total cost.

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He argued that on completion and commissioning, the IOCs would have no more excuse of justification not relocating to the state, noting that none of the multinational company has even a kiosk in the state being rated as number one oil producing state in the country.

“I want to place on record that we do not have even a kiosk of any of IOC and government agencies that is involved in the petroleum industry.
“It was based on discussion between the Governor, Mr Udom Emmanuel and the major oil producing companies operating in our state that the arrangement was reached to build the structure to stop the excuse that they have been given lack of infrastructure for them to operate from the state.

“As I speak, construction work is on-going at the 8th level now. I believe it is a project that is well intended. You can imagine the effect on the economics of having all the multinational agencies coming into the state” he stated.

Culled from: This Day 

Image credit: Africa Prime News

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