China, Nigeria Companies Sign $3.3bln Agreement for Industrial Park, Methanol Projects
The Minister of Petroleum Resources, Gas Ekperikpe Ekpo disclosed this on his official X handle stating that the agreement reflects Nigeria’s quest to drive industrial growth and energy security in the country.
According to the Minister, the agreement was signed during the ongoing Forum on China-Africa Cooperation FOCAC in China.
He stated, “As part of activities during the ongoing Presidential State Visit and Forum on China-Africa Cooperation (FOCAC), I witnessed the signing of critical Project Agreements for the Brass Industrial Park, Gas Gathering Pipelines & Associated Facilities, and the Methanol Complex Project between Brass Fertilizer and Petrochemical Company Ltd. (BFPCL) and the China Road and Bridge Corporation (CRBC).”
The partnership, the minister added, is set to inject about US$3.3 billion into our economy, driving growth and innovation in Nigeria’s energy sector which is pivotal in driving Nigeria’s industrial growth and energy security.
The Brass Oil and Gas City project aims to position Nigeria as a premier hub for downstream oil and gas manufacturing and industrial activities in Africa.
The Brass Methanol Project, on the other hand, is a joint venture between DSV Engineering Limited (DSV) and two Nigerian state-owned enterprises—the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Content Development & Monitoring Board (NCDMB). BFPCL will own and operate the joint venture.
The two projects are situated in Brass Island in Bayelsa State, Nigeria on a 667.5-hectare site at the eastern end of Brass Island, near the St. Nicholas River and bordered to the south by the Atlantic Ocean.