The Board of Brass LNG Ltd is to launch its Invitation to Tender, ITT, a technical instrument that gives the leeway for contractors to participate fully, financially, in the multi-billion dollar project. This was disclosed to newsmen at the end of the Boardâ€™s meeting in London yesterday.
The meeting, which held at the Hilton Hotel, Park Lane, London was presided over by the Chairman, Dr. Jackson Gaius-Obaseki, who was quoted to have said theÂ ITT was the industryâ€™s technical Final Investment Decision, FID, and it represented what he called a major milestone in the execution of the BrassÂ LNG project.
He said the ITT was also an instrument that assured all prospective contractors and LNG buyers of the shareholdersâ€™ irrevocable decision, commitmentÂ and ability to build the project was no longer in doubt.
Addressing the major concern of investors on gas supply, Gaius-Obaseki said:
â€œThe resource is there and the willingness is also there.â€
However, investigation further revealed that, in spite of the assurances, another hurdleÂ to cross is whether the gas producers will be able to produce the gas neededÂ under the Petroleum Industry Bill, PIB, fiscal regime.