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FG Targets 35,000 Jobs As NCDMB, NNPC Stake US$670m In Brass Methanol Plant

FG Targets 35,000 Jobs As NCDMB, NNPC Stake US$670m In Brass Methanol Plant

The Nigerian Content Development and Monitoring Board (NCDMB), the Nigerian National Petroleum Corporation (NNPC) and DSV Engineering on Friday signed the Final Investment Decision (FID) for the construction of 10,000 tonnes/day methanol production plant by the Brass Fertiliser and Petrochemical Company Ltd (BFPCL), committing equity investment of US$670m.

The facility would be the largest methanol plant in Africa and the first in Nigeria and the construction phase is expected to create 30,000 direct and indirect jobs and additional 5000 permanent jobs during the operations phase.

According to the financing plan, the project is estimated to cost about US$3.5bn and aside the equity from NCDMB, NNPC and DSV, there is an impressive cast of lenders which includes a consortium of Chinese banks led by the China Exim Bank, African Development Bank (AfDB), international commercial banks, regional banks and African institutions and they would be expected to raise 70 percent of the project cost.

Other agreements that have been firmed up include a Gas Supply Purchase Agreement (GSPA) with the Shell Petroleum Development Company (SPDC) led joint venture, offtake agreements and contracts for Engineering Procurement and Construction and technology provider.

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Source: OrientEnergyReview

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