NNPC, Partners Take FID On $3.6bn Petrochemical Plant

The Nigerian National Petroleum Corporation (NNPC) and its partners have taken the Final Investment Decision for the construction of a $3.6bn gas processing and methanol plant.
The plant, Brass Fertiliser and Petrochemical Company Limited, is jointly sponsored by NNPC, DSV Engineering Limited and the Nigerian Content Development and Monitoring Board.
Partners in the project signed the FID in Abuja, as they explained that BEPCL was a special purpose vehicle with the primary objective of monetising the abundant gas reserves in Nigeria.
This, they said, would be through the development and construction of the first ever methanol plant in Nigeria in a designated oil and gas free trade zone in Odioama, Brass Island, Bayelsa State.
The Group Managing Director, NNPC, Mele Kyari, who signed on behalf of the corporation, said the BFPCL methanol project was of strategic importance to the Federal Government on account of its ability to support human and economic development.
He said this would be through skills acquisition and employment opportunities, as the plant would create about 30,000 jobs during construction and about 5,000 to 6,000 during operation.
Kyari said the company would further help in reducing overall carbon emission to the environment.
He said, “The project is consistent with the aspirations of the Federal Government for industrialisation through the exploitation of the nation’s huge gas reserves.
“This is with a view for generating even more revenue from gas monetisation beyond crude oil for sustainable economic growth of the country.”