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April 18, 2024

Gas supply deal for $3.8bn Brass methanol project fixed for May — Ekpo

Gas supply deal for $3.8bn Brass methanol project fixed for May — Ekpo

By Obas Esiedesa

The Gas Supply and Purchase Agreement, GSPA, to support the Final Investment Decision for the $3.8 billion Brass Methanol Project is to be executed in May, 2024, the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has disclosed.

Ekpo, who announced this yesterday after a meeting  with key stakeholders of the project in Abuja, said 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.

Ekpo, according to a statement by his media aide, Louis Ibah, informed the gathering 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 it could bring in the much needed foreign direct investment, FDI, with attendant economic benefits to the country.

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“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, a methanol production and refining plant, and product export facilities, among others.

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.