The Nigerian Content Development and Monitoring Board (NCDMB), the Nigerian National Petroleum Corporation (NNPC) and DSV Engineering have signed the Final Investment Decision (FID) for the construction of 10,000 tonnes/day methanol production plant by the Brass Fertiliser and Petrochemical Company Ltd (BFPCL), committing equity investment of US$670m.
The facility would be the largest methanol plant in Africa and the first in Nigeria. Its construction phase is expected to create 30,000 direct and indirect jobs and additional 5,000 permanent jobs during the operations phase, the NCDMB said in a statement.
According to the financing plan, the project was estimated to cost about $3.5 billion and aside the equity from NCDMB, NNPC and DSV, the lenders which includes a consortium of Chinese banks led by the China-Exim Bank, African Development Bank (AfDB), international commercial banks, regional banks and African institutions, were expected to raise 70 per cent of the project cost.
FG commits $670m on $3.5bn Brass Methanol Plant construction
On
…China, AfDB, others to raise 70% total cost
…Targets 35,000 jobs
By Prince Okafor
The Federal Government has committed an equity investment of $670m for the construction of 10,000 tonnes per day methanol production plant by the Brass Fertiliser and Petrochemical Company Ltd (BFPCL).
This came as the two Federal Government’s agencies involved in the project, Nigerian National Petroleum Corporation, NNPC, Nigerian Content Development and Monitoring Board (NCDMB), along with DSV Engineering (an indigenous Nigeria company) sign the Final Investment Decision (FID) for the construction of the project weekend.
Vanguard gathered that the facility would be the largest methanol plant in Africa and the first in Nigeria and the construction phase is expected to create 30,000 direct and indirect jobs and additional 5000 permanent jobs during the operations phase.