Nigeria Signs Deal to Boost $3.5bn Brass Gas and Petrochemicals Plant

NIGERIA has taken a significant step in monetising its extensive gas reserves by signing a deal with joint venture partners to supply gas to the planned $3.5bn Brass fertiliser and petrochemical plant. The plant is to be built in Brass, Bayelsa State, Nigeria’s coastal region, officials said on Friday.

The agreement includes major global energy players Shell, TotalEnergies, and Eni. They will provide an estimated 270 million standard cubic feet of gas daily to the facility. The deal is part of Nigeria’s broader Brass Fertilizer and Petrochemical Project, which aims to generate at least $1.5bn annually from the export of petrochemicals and other gas-derived products.

Petroleum Ministry Permanent Secretary, Nicholas Agbo Ella, hailed the agreement as a ‘milestone’ in Nigeria’s efforts to capitalise on its vast gas resources, stating it reflects ongoing initiatives to harness the country’s estimated 200 trillion cubic feet of gas reserves.

‘This project will not only boost exports but also reduce Nigeria’s fertiliser imports by 30 percent, saving around $200 million in foreign exchange every year,’ Ella added.

As Africa’s top energy producer, Nigeria is keen to develop its gas industry to meet both domestic and international demand, aiming to curb gas flaring and boost industrial and power generation supply by 2030.

Leave a Reply

Your email address will not be published.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

Back To Top