After years of delays, the Gas Sales and Purchase Agreement (GSPA) for Nigeria’s Brass Fertiliser Petrochemical Company Limited (BFPCL) would be concluded this month, it has been revealed.
The agreement is with BFPCL’s gas supplier, the NNPC/SPDC Joint Venture (JV).
Minister of State Petroleum Resources (Gas), Rt Hon. Ekperikpe Ekpo, disclosed this in a statement by his media aide, Louis Iba.
Similarly, BFPCL and China Road and Bridge Corporation (CRBC) have executed Project Agreements for the $3.3billion Brass Industrial Park, Methanol Plant and Gas Gathering Pipelines with Associated Facilities, as well as signing a Shipping Vessels Acquisition and Joint Venture Agreement for 16 new 50,000MT methanol powered shipping vessels with COSCO Shipping Lines Co Ltd.
Yar’adua’s mother: Abdulsalami visits Katsina
Obasanjo, Sambo, Osinbajo, Zulum condole Yar’Adua’s family in Katsina
The minister’s spokesman said the Framework Agreement with COSCO, one of the largest shipping companies in the world, will see the construction of 16 vessels, valued at about $900million.
The vessels would be dedicated for the evacuation and transportation of methanol and other products from the Brass Methanol Plant to various global destinations.
Ekpo said the Bohai Chemical Industries Group (BCIG) and China Africa Development Fund (CADFund) in collaboration with their Joint Venture (JV) partners have also expressed their commitment to jointly invest in the Brass Methanol Project and facilitate immediate commencement of construction works.
The statement quoted Ekpo as saying these significant gains were courtesy of BFPCL’s strategic engagements with Chinese investors during the recent state visit of President Bola Ahmed Tinubu to China, which he participated in.
“During the visit, I held fruitful discussions with key stakeholders, including BCIG and CADFund, which have now expressed commitment to invest in the US$3.3 billion Brass Methanol Project in Bayelsa State.
“On this same project, I also want to state that we have expedited the completion of the Gas Sales and Purchase Agreement (GSPA) between BFPCL and Shell Petroleum Development Company (SPDC) Limited Joint Venture, a major breakthrough that paves the way for the project’s financial close and execution phase,” he added.
Ekpo also provided assurances to the Chinese investors regarding the protection and security of their investments, while also appealing to Nigerians to remain patient and confident in the government’s strategic initiatives aimed at revitalising the economy, driving job creation, and unlocking long-term prosperity.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
