Brass Fertiliser & Petrochemical Company Limited (BFPCL) says its $6 billion methanol plant has the capacity to create 20,000 jobs in the host community.
The Brass Fertiliser plant is located in Brass Island, Bayelsa State.
In a statement, the vice chairman of the company, Mr Ben Okoye, said the project would employ 15,000 workers indirectly during construction and 5,000 permanent workers after the project was completed.
A Significant Milestone
Mr Okoye disclosed that phase one of the project had commenced following the securing of a $6 billion from BP Oil International Limited, London.
“We also secured 25 years 300 mmscf/d gas supply from Shell Petroleum Development Company of Nigeria Limited.
“The project is designed to be built in two phases “phase one which is expected to come on stream in 2020, will produce 1.66 million metric tonnes (MT) of ethanol and 1.3 million metric tonnes of urea per annum.
“Phase one also includes a dedicated export jetty and a 300 mmscf/d gas processing plant.
“On completion the project is expected to generate an annual turnover of $1.5 billion. The project is extremely strategic to the country’s agricultural and industrial sectors. It will contribute to the country’s self-sufficiency in fertiliser and methanol based industrial raw materials,” he said.
Explaining the $6 billion it secured from BP Oil International, he said: “The contract was recently signed at the London office of BP Oil International for exclusive takeoff of methanol production from phase one of the BFPCL project in Brass, Bayelsa State, over a period of 10 years. The agreement is a key condition precedent to securing the foreign direct investment from the project lenders and international investors.
“Attracting a major international player like BP bears testimony to the tremendous support for the project by the current administration of the Federal Government of Nigeria (FGN), the Nigerian National Petroleum Corporation (NNPC) and the Central Bank of Nigeria (CBN), as well as the hard work and commitment of the project developers.”
Mr Okoye further described the agreement as a significant milestone in the development of the project, as it paved the way for financial close on phase one of the Brass Fertiliser project.
“The project has been designed to accommodate the yearnings of the Niger Delta people through the provision of employment and creation of business opportunities,” he added. (Channels TV)
•Industry Minister Okechukwu Enelamah.