{"id":230747,"date":"2024-10-12T12:28:52","date_gmt":"2024-10-12T12:28:52","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/12\/nigeria-signs-deal-to-supply-gas-to-3-3-billion-methanol-plant\/"},"modified":"2024-10-12T12:28:52","modified_gmt":"2024-10-12T12:28:52","slug":"nigeria-signs-deal-to-supply-gas-to-3-3-billion-methanol-plant","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/12\/nigeria-signs-deal-to-supply-gas-to-3-3-billion-methanol-plant\/","title":{"rendered":"Nigeria signs deal to supply gas to $3.3 billion methanol plant"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/605\/60514388.295.jpg\" alt=\"The so-called gas sales-and-purchase agreement was signed on October 11 in Abuja\" title=\"The so-called gas sales-and-purchase agreement was signed on October 11 in Abuja\" width=\"295\" height=\"166\" \/> <span class=\"image_caption\"><span>The so-called gas sales-and-purchase agreement was signed on October 11 in Abuja<\/span><\/span><\/p>\n<\/div>\n<div style=\"-webkit-user-select: none; -webkit-touch-callout: none; -moz-user-select: none; -ms-user-select: none; user-select: none;\">\n<p id=\"article-123\">Nigerian National Petroleum Corp. and partners including Shell, TotalEnergies and Agip struck a landmark deal to sell gas to the methanol-manufacturing project of the country\u2019s Brass Fertilizer &amp; Petrochemical Co. Ltd. <\/p>\n<p>The so-called gas sales-and-purchase agreement was signed on Friday in the capital, Abuja, nine years after the project was first announced. <\/p>\n<p>Gas minister Ekperikpe Ekpo said the signing represented \u201ca significant milestone in ongoing efforts to monetize Nigeria\u2019s vast gas reserves.\u201d The accord will enable Brass and its partners to proceed with construction of the $3.3 billion project. <\/p>\n<p>Nigeria, Africa\u2019s largest crude producer, is trying to pivot away from its reliance on oil by promoting investment in the country\u2019s largely unexploited 200 trillion cubic feet of proven gas reserves. Most of the nation\u2019s gas output is currently either flared or re-injected into wells.<\/p>\n<p>\u200bThe NNPC and its partners are expected to deliver an estimated 270 million standard cubic feet of gas daily to the project, located on Brass Island in southern Bayelsa state.<\/p>\n<p>The government expects the project to generate more than $1.5 billion annually from exports of fertilizers, petrochemicals, and other gas-based products on completion, Ekpo said in a statement.<\/p>\n<p>\u201c\u200bIn addition to boosting exports, the project will reduce fertilizer imports by 30%, saving Nigeria approximately $200 million in foreign exchange annually,\u201d as well as creating thousands of jobs. <\/p>\n<p>Brass said recently it had reached an agreement with COSCO Shipping Lines Co Ltd. for 16 new methanol-powered vessels that will move products from the methanol plant to global destinations.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The so-called gas sales-and-purchase agreement was signed on October 11 in Abuja Nigerian National Petroleum Corp. and partners including Shell, TotalEnergies and Agip struck a landmark deal to sell gas to the methanol-manufacturing project of the country\u2019s Brass Fertilizer &amp; Petrochemical Co. Ltd. The so-called gas sales-and-purchase agreement was signed on Friday in the capital, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":218008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-230747","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nigeria signs deal to supply gas to $3.3 billion methanol plant - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/12\/nigeria-signs-deal-to-supply-gas-to-3-3-billion-methanol-plant\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria signs deal to supply gas to $3.3 billion methanol plant - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The so-called gas sales-and-purchase agreement was signed on October 11 in Abuja Nigerian National Petroleum Corp. and partners including Shell, TotalEnergies and Agip struck a landmark deal to sell gas to the methanol-manufacturing project of the country\u2019s Brass Fertilizer &amp; Petrochemical Co. Ltd. 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