Nigeria signs deal to supply gas to proposed $3.5-B petrochemical plant
Nigeria took a major step in its quest to earn revenue from its vast gas reserves, signing a deal with joint venture partners to supply gas to a proposed $3.5-B Brass fertilizer and petrochemical plant, an official said on Friday.
Under the agreement, joint venture partners including Shell, TotalEnergies and Eni will deliver an estimated 270 MMft3d to the plant in Brass, in Nigeria's coastal Bayelsa state.
Petroleum Ministry Permanent Secretary Nicholas Agbo Ella said the Gas Sale and Purchase Agreement is a part of the Brass Fertilizer and Petrochemical Project, which is expected to generate at least $1.5 B annually from exports of petrochemicals and other gas-based products.
"This agreement represents a significant milestone in our ongoing efforts to monetize Nigeria's vast gas reserves," Ella said.
Nigeria, Africa's top energy producer, holds the continent's largest gas reserves of more than 200 Tft3 and seeks to develop the commodity to boost supplies to industries, power plants and for exports, and to end routine flaring by 2030.
"In addition to boosting exports, the project will reduce fertilizer imports by 30%, saving Nigeria approximately $200 MM in foreign exchange annually," Ella said.
Related News
Related News
- Biogas in France: TotalEnergies starts its 2nd largest unit in Normandy
- ONEOK announces joint ventures with MPLX to build LPG export terminal at U.S. Gulf Coast location
- Ukraine plans to import 800 MMm3 of gas until April after Russian strikes
- Parker Hannifin joins iHAPC project to test H2 and argon for cleaner and more energy-efficient engine technologies
- India's BPCL signs LPG supply deal with Norway's Equinor
Comments