The Federal Government’s effort to boost the country’s gas sector has received a significant boost with the signing of a $3.3 billion’s Gas Sales and Purchase Agreement (GSPA) for the Brass Fertilizer and Petrochemical project in Bayelsa State.
This landmark agreement, supervised by the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, paves the way for the Brass Fertilizer and Petrochemical Company Limited (BFPCL) and its partners to achieve financial close for the brass fertilizer and methanol project.
The Brass Fertilizer and Petrochemical Project, valued at $3.
3 billion, is set to generate more than $1.5 billion annually from exports of fertilizers, petrochemicals, and other gas-based products.
Okoye emphasized the need to unlock Nigeria’s gas deposits promptly, citing the urgency to utilize gas before it becomes less relevant.
The JV partners also reaffirmed their commitment to the project’s success, underscoring the importance of collaboration and effective stakeholder engagement to unlock Nigeria’s vast gas potential.
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