FG to Execute Gas Supply Agreement for $3.8bn Brass Methanol Project in May 2024

Date:

 

Thank you for reading this post, don't forget to subscribe!

The Federal Government revealed on Monday that the Gas Supply and Purchase Agreement (GSPA) critical to supporting the Final Investment Decision (FID) for the $3.8bn Brass methanol project will be executed in May 2024. This significant industrial initiative in Bayelsa State aims to produce methanol locally, reducing Nigeria’s dependence on imports.

Situated on Brass Island, Bayelsa, the project will have a capacity of 10,000 tonnes of methanol per day once operational later this year, creating up to 15,000 jobs during construction and bolstering the Nigerian economy.

The project is a joint venture involving DSV Engineering Limited, the Nigerian National Petroleum Company Limited, and the Nigerian Content Development & Monitoring Board.

Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, confirmed the execution date for the gas supply agreement after a meeting with project stakeholders in Abuja. The meeting focused on ensuring adequate gas supply and advancing the project’s phase-2 gas supply arrangements.

Key stakeholders present included representatives from NNPC/Shell/TotalEnergies/NAOC Joint Venture and other project partners. Minister Ekpo emphasized President Bola Tinubu’s keen interest in expediting the project to attract Foreign Direct Investment and drive economic growth.

Following successful resolutions at the meeting, Ekpo announced that the NNPC/SPDC JV partners are fully committed to providing uninterrupted gas supply to support the Brass methanol project.


Discover more from Naija247news

Subscribe to get the latest posts to your email.

Share post:

Subscribe

Popular

More like this
Related

Okomu Oil Seeks Govt, Stakeholders Support Amidst Bandits Attacks

May 25, 2024. Azonuchechi Chukwu. The management of Okumu Oil Palm...

Investors Lose N290bn as NGX Delists Arbico Plc

May 25, 2024. Azonuchechi Chukwu. The Nigerian Exchange Ltd. (NGX) says...

20 States in United States remove degree requirements from government jobs

Over the past two years, more than 20 states...

“I did not announce a ban on smoking and ritual scenes in movies – NFCVB Chief

May 25, 2024. Azonuchechi Chukwu. The Executive Director of the National...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading