Nigeria’s Minister of State Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, has hailed a landmark vessel acquisition deal between Brass Fertilizer Petrochemical Company Limited (BFPCL) and COSCO Shipping Lines Co Ltd, valued at $900 million. This significant partnership is expected to bolster Nigerian content in the maritime sector and stimulate economic growth.
The agreement involves the construction of 16 methanol-powered vessels, scheduled for delivery starting from the last quarter of 2028. These carriers will transport methanol and other products from the Brass Methanol Plant in Bayelsa State to global markets.
According to Ekpo, this deal represents a major milestone, creating jobs, reducing capital flight, and boosting Nigeria’s GDP. The minister praised the collaboration between BFPCL and COSCO, a leading global shipping company, as evidence of the federal government’s commitment to promoting Indigenous participation and driving economic development.
Notably, the use of methanol fuel aligns with Nigeria’s international decarbonization and net-zero targets, as outlined in the Paris Climate Change Agreement.
This development follows the recent execution of Project Agreements between BFPCL, China Road and Bridge Corporation (CRBC), and other partners for the $3.3 billion Brass Industrial Park, Methanol Plant, and Gas Gathering Pipelines.
Ekpo’s spokesperson, Louis Ibah, quoted the minister as emphasizing the deal’s potential to transform Nigeria’s maritime landscape and contribute to the country’s economic prosperity.
