Financial Energy Review
L-R: Head of Joint Venture (JV), Investment Management, NNPC Upstream Investment Management Services, Mr. Olanrewaju Igandan; , Deputy Managing Director, Nigerian Agip Oil Company (NAOC), Mr. Richard Orianzi; Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo; Managing Director, Shell Petroleum Development Company Nigeria, Mr. Osagie Okunbor, with Managing Director of Brass Fertilizer and Petrochemical Ltd, Mr. Ben Okoye during a meeting in Abuja to finalise Gas Sales and Purchase Agreement (GSPA) to the US$3.8Billion Bayelsa-based Methanol plant.
…….by Victor Egbo…..
The Gas Supply and Purchase Agreement (GSPA) to support the Final Investment Decision (FID) for the Brass Methanol Project is to be executed by May, 2024.
Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo announced this today after a meeting held with key stakeholders of the project in his NNPC Towers Abuja office.
The meeting was to confirm adequate gas supply to the Brass Methanol Project by the NNPC/Shell/TotalEnergies/NAOC Joint Venture (JV), as well as determine the next steps to conclude and execute the GSPA and mature the phase 2 of gas supply to the project.
Present at the meeting were the Head of Joint Venture (JV), Investment Management, NNPC Upstream Investment Management Services, Mr. Olanrewaju Igandan; Deputy Managing Director, Nigerian Agip Oil Company (NAOC), Mr. Richard Orianzi; Managing Director, Shell Petroleum Development Company Nigeria, Mr. Osagie Okunbor; Managing Director of Brass Fertilizer and Petrochemical Ltd, Mr. Ben Okoye, among others.
Ekpo at the meeting informed the officials of President Bola Tinubu’s strong interest in resolving issues relating to gas supply to the Brass Methanol Project.
He said the President was passionate about the speedy kick off of the project so that it could bring in the much needed FDI with attendant economic benefits to the country.
“Mr. President is very passionate about this project and wants something positive to happen in respect of the Brass Methanol project before the end of May this year,” Ekpo said.
The Brass Methanol Project, located on Brass Island in Bayelsa State, is sponsored by Brass Fertilizer & Petrochemical Company Limited (BFPCL).
The $3.8billion project is made up of a gas processing plant, and methanol production and refining plant, product export facilities, among others.
At the end of the meeting, Ekpo announced he had successfully resolved the GSPA issue as the deal would be sealed by May that the NNPC/SPDC JV partners are now fully committed to uninterrupted gas supply for the development of the project.
