Nigeria has taken a final investment decision, FID, on the $3bn Brass Fertiliser Project, the Nigeria National Petroleum Corporation said on on Friday.
The country’s first methanol and ammonia production complex would be situated in Odioma, Brass Island in Bayelsa state and operated by Brass Fertiliser & Petrochemical Co (BFPCL), a joint venture between NNPC, the Nigerian Content Development and Monitoring Board and Thailand’s DSV Engineering.
The project is logistically well positioned to serve the large, growing and captive market for urea and ammonia in Sub-Sahara Africa and exporting methanol to the global market.
“Today’s significant milestone of achieving an FID symbolises the full support of the fed govt for the construction & operation of the first methanol plant in Nigeria,” NNPC said on Twitter.
The project will bring in $3bn in foreign direct investment and create 30,000 jobs during its construction and 5,000 during its operation.
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The plant is expected produce 770,000 metric tons per annum of ammonia, 1.3 million metric tons per annum of urea and 1.75 million metric tons per annum of methanol, according to information on BFPCL’s website.
The methanol plant will use gas from unexploited fields as its feedstock and the project will also involve the development of pipelines and a gas processing plant.
The Executive Vice Chairman of the Brass Fertilizer and Petrochemical Company Limited, Chief Ben Okoye, while receiving the Certificate of Occupancy for the land allocated for the construction of the plant at the Brass Island recently, described the project as the single biggest private sector company in Africa with a $1 billion equity fund.
He added that the project was capable of transforming the state’s economy and that of the country as a whole.
