Chinazor Megbolu |
The Federal Government has expressed its happiness for achieving the $3 billion Final Investment Decision (FID) for its first methanol production complex.
The Nigeria National Petroleum Corporation (NNPC) disclosed this via its twitter handle on Friday, saying the plant will use gas from unexploited fields as its feedstock.
The billion dollar integrated methanol and gas project, NNPC noted will be located in Odioma, Brass Island in Bayelsa State and would be operated by Brass Fertiliser & Petrochemical Co (BFPCL), which is a joint venture between NNPC, the Nigerian Content Development and Monitoring Board and Thailand’s DSV Engineering.
“Today’s significant milestone of achieving an FID symbolises the full support of the fed govt for the construction & operation of the first methanol plant in Nigeria,” NNPC said.
The federal government agency also stated that the project will also create 30,000 job opportunities during its construction and 5,000 on completion.
It further maintained that during operations, the project will also involve the manufacturing of pipelines and a gas processing plant, adding that its production is expected to reach 1.7mn metric tons of methanol annually.
The organisation also said that 1.3mn metric tons per year of Urea will be produced by 2025 after two development phases
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