Nigeria Takes FID on First $3bn Methanol Project: Update
Jan 29, 2021 11:40:am
Summary
by: Joe Murphy
Posted in:
(updates with cost estimate)
Nigeria has taken a final investment decision on what will be its first methanol production complex, national oil company NNPC said on social media on January 29.
The $3bn integrated methanol and gas project will be situated in Odioma, Brass Island in Bayelsa state. Its operator is Brass Fertiliser & Petrochemical Co (BFPCL), a joint venture between NNPC, the Nigerian Content Development and Monitoring Board and DSV Engineering. 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, Nigerian oil minister Timipre Sylva said in a statement. The project will bring in $3bn in foreign direct investment and create 30,000 jobs during its construction and 5,000 during its operation, he said.