Brass petrochemical, BP Oil sign $6bn methanol offtake agreement
NBC donates youth centre in Irete
Amajor breakthrough has been recorded in the development of phase one of the USD 4bn Brass Fertilizer project, as Brass Fertilizer & Petrochemical Company Limited (BFPCL) recently signed a USD 6bn Off-take deal with BP Oil International Limited.
The contract which was signed at the London office of BP Oil International on December 22, 2016, is for exclusive offtake of methanol production from phase 1 of the BFPCL project in Brass, Bayelsa State, over a period of 10 years. The agreement is a key condition precedent for securing the foreign direct investment from the project lenders and international investors.
Speaking at the signing ceremony in London, Chief Ben Okoye, the Executive Vice Chairman of BFPCL, stated that attracting a major international player like BP bears testimony to the tremendous support for the project by the current administration of the Federal Government of Nigeria (FGN), the Nigerian National Petroleum Corporation (NNPC) and the Central Bank of Nigeria (CBN), as well as the hard work and commitment of the project developers.
Chief Okoye further described the agreement as a significant milestone in the development of the project, as it paves the way for financial close on Phase 1 of the Brass Fertilizer project.
The project is designed to be built in two phases and phase one, which is expected to come on stream in 2020, will produce 1.66 Million Metric Tonnes (MT) of methanol and 1.3 million MT of Urea per annum. Phase One also includes a dedicated export jetty and a 300 mmscf/d gas processing plant. The project has also secured 25 years 300 mmscf/d gas supply from the Shell Petroleum Development Company of Nigeria Ltd (SPDCJV).
The Brass Fertilizer plant is located in Brass Island, Bayelsa State and on completion is expected to generate an annual turnover of $1.5 billion. The project is extremely strategic to the country’s agricultural and industrial sectors. It will contribute to the country’s self sufficiency in fertilizer and methanol-based industrial raw materials. As part of its commitment to youth empowerment and community development, non-alcoholic beverage manufacturing giant, Nigerian Bottling Company Limited (NBC), has donated a Youth Centre to Irete community, in Owerri, Imo State.
The handing-over ceremony of the newly constructed NBC/ Irete Youth Centre took place at Umuoyo village, Irete, Owerri, on January 8.
The community Youth Centre is equipped with internet enabled computers, a resource center and a fully furnished hall, with audio visual facilities that can be used for seminars, workshops and training programmes. NBC is reputed for investment in the well-being of its communities through its intervention programmes in the areas of youth empowerment, educational support, community development and provision of potable water amongst other value adding legacy projects.
Speaking at the hand-over ceremony, the Regional Public Affairs Manager for NBC, East and Central Region, Ekuma Eze, expressed the organisation’s commitment to community development, and that donating the Irete Community Youth Centre is borne out of the need to ensure youths within the community and environs are engaged positively, and are able to sharpen their knowledge and skills through the opportunities that the centre provides.