Execution of $3.8b gas pact for Brass methanol project holds next month

Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has confirmed that the Gas Supply and Purchase Agreement (GSPA) to support the Final Investment Decision (FID) for the Brass Methanol Project would be executed next month.

He made the disclosure after a meeting with key stakeholders in Abuja.

The minister explained the $3.8 billion project comprises a gas processing plant, methanol production and refining plant and product export facilities, among others.

Ekpo said having successfully resolved the GSPA issue, NNPC/SPDC JV partners are fully committed to uninterrupted gas supply for execution of the project.

The meeting was to confirm adequate gas supply to the Brass methanol project by the NNPC/Shell/TotalEnergies/NAOC Joint Venture (JV), as well as determine implementation the GSPA and next level of gas supply.

The minister reiterated President Bola Tinubu’s strong interest in resolving issues relating to gas supply to the project.

He stated that the Nigerian leader was passionate about the speedy take-off of the project to fetch the much-needed foreign direct investments (FDIs) with the attendant economic benefits to the country.

“Mr. President is very passionate about this project, and wants something positive to happen in respect of the Brass methanol project before the end of May this year,” Ekpo restated.

The project, located on Brass Island in Bayelsa State, is sponsored by Brass Fertiliser & Petrochemical Company Limited (BFPCL).

Present at the meeting included Head of Joint Venture (JV), Investment Management, NNPC Upstream Investment Management Services, Olanrewaju Igandan; Deputy Managing Director, Nigerian Agip Oil Company (NAOC), Richard Orianzi; Managing Director, Shell Petroleum Development Company Nigeria, Osagie Okunbor and Managing Director of BFPCL, Ben Okoye.