• About Us
  • Contact Us
  • Privacy & Policy
Thursday, June 19, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

NNPC, Others Finalize Landmark Gas Agreement for Bayelsa Petrochemical Plant

Vincent Amadi by Vincent Amadi
October 14, 2024
in Economy, News
Reading Time: 5 mins read
A A
0
NNPC, Others Finalize Landmark Gas Agreement for Bayelsa Petrochemical Plant
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


The Nigerian National Petroleum Corporation (NNPC) Limited, in collaboration with its key partners Shell, TotalEnergies, and Agip, has successfully finalized a landmark agreement that will see the supply of natural gas to the Brass Fertilizer & Petrochemical Company Limited’s methanol-manufacturing plant.

This crucial Gas Sales and Purchase Agreement (GSPA) was signed in Abuja on Friday, marking a major milestone for a project that has been in development for nearly nine years since its initial announcement.
The signing of the agreement signifies a critical step forward in the execution of this long-awaited project, which is aimed at utilizing Nigeria’s vast natural gas reserves for industrial growth and export.

The Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, lauded the agreement, emphasizing its importance for the country’s efforts to better harness and monetize its extensive gas reserves. According to Ekpo, this agreement represents “a significant milestone in the ongoing efforts to monetize Nigeria’s vast gas reserves.”


The successful completion of this deal now clears the path for Brass Fertilizer & Petrochemical Company Limited and its partners to commence construction of the massive $3.3 billion methanol manufacturing project, which is expected to provide substantial economic benefits for Nigeria.

The plant will be strategically located on Brass Island in Bayelsa State, a region rich in natural resources and positioned for industrial development.
Under the terms of the agreement, NNPC and its partners will supply approximately 270 million standard cubic feet of gas per day to the Brass Fertilizer & Petrochemical plant.

This steady supply of natural gas is expected to fuel the facility’s operations, enabling the production of various gas-based products, including fertilizers and petrochemicals.

This project is poised to become a huge player in both the domestic and international markets, particularly in terms of export potential.
Once operational, the methanol-manufacturing plant is anticipated to generate revenue for Nigeria. Minister Ekpo stated that the government expects the facility to bring in over $1.5 billion annually from the export of fertilizers, petrochemicals, and other gas-derived products.

The revenue generated from this project will not only boost the country’s export earnings but will also reduce Nigeria’s reliance on fertilizer imports.

As Ekpo highlighted, the project “will reduce fertilizer imports by 30%, saving Nigeria approximately $200 million in foreign exchange annually.”
What You Should Know;
Nigeria, as Africa’s largest crude oil producer, has been looking to diversify its economy by reducing its reliance on oil exports and promoting the utilization of its underexploited gas reserves.

The country holds an estimated 200 trillion cubic feet of natural gas reserves, yet much of its gas output is either flared (burnt off as waste) or re-injected into wells.

The government is increasingly encouraging investments in gas infrastructure to take advantage of this vast resource, which could offer a more sustainable and lucrative alternative to crude oil.
The Brass Fertilizer & Petrochemical Company has also been making strides in developing the logistical capabilities necessary for exporting its products.

Recently, the company announced a major agreement with COSCO Shipping Lines Co. Ltd. to acquire 16 new methanol-powered vessels.

These ships will be instrumental in transporting methanol and other products from the Brass methanol plant to international markets, further solidifying Nigeria’s presence in the global petrochemical industry.
Backstory;
This project is part of a broader initiative by Nigeria to establish itself as a major hub for downstream oil and gas manufacturing in Africa.

At the recently concluded Forum on China-Africa Cooperation, a key agreement was signed between Nigeria’s Brass Fertilizer & Petrochemical Company and the China Road and Bridge Corporation (CRBC).

This agreement is focused on the development of the Brass Industrial Park and methanol complex, which is projected to inject an estimated $3.3 billion into Nigeria’s economy.
The Brass Oil and Gas City project, of which the methanol plant is a critical component, aims to position Nigeria as a leading global center for petrochemical, fertilizer, refinery, and hydrocarbon processing.

Located on Brass Island in Bayelsa State, this development is envisioned to become one of the largest industrial complexes for oil and gas processing in the world.

The project is expected to boost Nigeria’s downstream oil and gas sector by creating a world-class, export-oriented hub for manufacturing and industrial activities.
So far, $3.5 billion has already been committed to various projects within the Brass Oil and Gas City. This comprehensive industrial development is not just limited to methanol production; it will encompass a wide range of petrochemical and gas-based products that will be sold both domestically and internationally.

The goal is to transform Brass Island into a global hub for oil and gas manufacturing, driving economic growth, job creation, and increased revenue for Nigeria.
The Brass Methanol Project, which is at the heart of this initiative, is being sponsored by the Brass Fertilizer & Petrochemical Company Limited (BFPCL).

BFPCL is a joint venture between DSV Engineering Limited, NNPC, and the Nigerian Content Development & Monitoring Board (NCDMB).

BFPCL will own and operate the methanol-manufacturing plant, further bolstering Nigeria’s domestic industrial capabilities and increasing its role as a key player in the global petrochemical industry.
With the finalization of the Gas Sales and Purchase Agreement, Nigeria is one step closer to realizing the full potential of its gas reserves, creating new economic opportunities, and reducing its reliance on oil exports.

The development of the Brass Fertilizer & Petrochemical Company’s methanol plant is poised to become a cornerstone of the country’s long-term strategy to diversify its economy and position itself as a leader in the global gas and petrochemical markets.

Vincent Amadi

Vincent Amadi

Related Posts

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

2 days ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

2 days ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery Begins Distribution of Petrol Nationwide

3 days ago
Travel Ban List: Mounting Fear As Trump Administration Considers Adding Nigeria, 36 Other countries
International

Travel Ban List: Mounting Fear As Trump Administration Considers Adding Nigeria, 36 Other countries

4 days ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

2027: APC Chieftain Dispels ‘Malicious Rumours’ Of Plans To Substitute Shettima 
National

2027: APC Chieftain Dispels ‘Malicious Rumours’ Of Plans To Substitute Shettima 

23 hours ago
Police Grants Pastor Adefarasin Bail Over Viral Stun Gun Video
National

Police Grants Pastor Adefarasin Bail Over Viral Stun Gun Video

1 day ago
Tinubu Visits Survivors Of Yelewata Attack In Benue Hospital
National

Tinubu Visits Survivors Of Yelewata Attack In Benue Hospital

1 day ago
We’ll train Benue youth vigilantes to fight terrorists –CDS, Christopher Musa
National

We’ll train Benue youth vigilantes to fight terrorists –CDS, Christopher Musa

1 day ago
Tinubu can’t find solution to Nigerians’ suffering, says Group 
National

Government to link NIN to credit profile. Loan defaulters can’t renew passport, driver’s license

1 day ago
Tinubu blames Governor Alia for Benue Massacre
National

Tinubu blames Governor Alia for Benue Massacre

1 day ago

POLITICS

Former Loyalist accuses Peter Obi of Betrayal

Former Loyalist accuses Peter Obi of Betrayal

5 days ago
2027 election: `Democracy must reflect will of the people` Peter Obi warns

Labour Party Chieftain points accusing fingers at Obi over crisis

5 days ago
Saraki Replies To Tinubu’s Mockery Of Opposition, Says They Will Sort Themselves Out.

Saraki Replies To Tinubu’s Mockery Of Opposition, Says They Will Sort Themselves Out.

6 days ago
Peter Obi Accuses Tinubu Of Hypocrisy, Misplaced Priorities

Peter Obi Accuses Tinubu Of Hypocrisy, Misplaced Priorities

6 days ago
I’m glad PDP, LP, NNPP are in crisis – Tinubu

I’m glad PDP, LP, NNPP are in crisis – Tinubu

6 days ago
Democracy Day: It Is Indeed A Pleasure To Witness You In Such A Disarray – Tinubu to Opposition Parties

Democracy Day: It Is Indeed A Pleasure To Witness You In Such A Disarray – Tinubu to Opposition Parties

1 week ago

YOUR ECONOMY

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

2 days ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

2 days ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery Begins Distribution of Petrol Nationwide

3 days ago
Nigeria Stock Exchange to Partner with Hong Kong’s Stock market
Economy

Nigeria Stock Exchange to Partner with Hong Kong’s Stock market

1 week ago
Dangote refinery is Tinubu’s brainchild – Aliko
Economy

Dangote refinery is Tinubu’s brainchild – Aliko

2 weeks ago
FG will revive cocoa industry – Shettima
Economy

FG will revive cocoa industry – Shettima

2 weeks ago

E & P

Trent Alexander-Arnold unveiled for Real Madrid
National

Trent Alexander-Arnold unveiled for Real Madrid

by Steven Atogi
6 days ago
0

England international, and Former Liverpool left back, Trent Alexander-Arnold has officially joined La Liga giant, Real Madrid, as a free...

Matheus Cunha joins Man United from Wolves

Matheus Cunha joins Man United from Wolves

7 days ago
Friendlies: Senegal’s Lions of Teranga beat England’s Three Lions 3-1

Friendlies: Senegal’s Lions of Teranga beat England’s Three Lions 3-1

1 week ago
Nuno Mendes shines at Nations League final

Nuno Mendes shines at Nations League final

1 week ago
Portugal beats Spain in Nations League final

Portugal beats Spain in Nations League final

1 week ago
France beat Germany to third place at Nations League

France beat Germany to third place at Nations League

2 weeks ago

YOUR THOUGHT & HISTORY

ON THE PUBLIC NUISANCE CALLED SOWORE
Opinion

ON THE PUBLIC NUISANCE CALLED SOWORE

by Kiikpoye Karibo
4 months ago
Data Visualizations
Columns

Five Key Considerations for Creating Effective Data Visualizations

by Blessing Chinyere Daniel
5 months ago
The Transformative Power of AI in Revolutionizing Industries and Empowering Growth
Columns

The Transformative Power of AI in Revolutionizing Industries and Empowering Growth

by Blessing Chinyere Daniel
6 months ago
Navigating the Turbulent Terrain of Entrepreneurship: The Power of Tenacity, Growth Mind-set, and Grit
Columns

Navigating the Turbulent Terrain of Entrepreneurship: The Power of Tenacity, Growth Mind-set, and Grit

by Uloma Harrison-Ikenwanze
6 months ago
The Power of Data in Today’s World
Columns

The Power of Data in Today’s World

by Blessing Chinyere Daniel
7 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

2027: APC Chieftain Dispels ‘Malicious Rumours’ Of Plans To Substitute Shettima 

2027: APC Chieftain Dispels ‘Malicious Rumours’ Of Plans To Substitute Shettima 

June 19, 2025
Police Grants Pastor Adefarasin Bail Over Viral Stun Gun Video

Police Grants Pastor Adefarasin Bail Over Viral Stun Gun Video

June 19, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address