GSPA For Brass Methanol Project To Be Executed In May, Says Ekpo

GSPA for Brass Methanol Project to be executed in May, says Ekpo

– By Adah

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GSPA for Brass Methanol Project to be executed in May, says Ekpo.

The Gas Supply and Purchase Agreement (GSPA) crucial for advancing the Brass Methanol Project is on track to be finalized and executed by May 2024, announced Rt. Hon. Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), following a pivotal meeting held in his NNPC Towers Abuja office.

The gathering convened key stakeholders of the project, including representatives from NNPC, Shell, TotalEnergies, and NAOC Joint Venture, to ensure sufficient gas supply for the Brass Methanol Project and to strategize the next steps towards concluding the GSPA and advancing phase 2 of gas supply.

Among the attendees were Mr. Olanrewaju Igandan, Head of Joint Venture (JV) Investment Management at NNPC Upstream Investment Management Services; Mr. Richard Orianzi, Deputy Managing Director of Nigerian Agip Oil Company (NAOC); and Mr. Osagie Okunbor, Managing Director of Shell Petroleum Development Company Nigeria, alongside Mr. Ben Okoye, Managing Director of Brass Fertilizer and Petrochemical Ltd, among others.

Minister Ekpo underscored President Bola Tinubu’s keen interest in resolving gas supply issues related to the Brass Methanol Project, emphasizing the President’s eagerness for swift progress to attract crucial foreign direct investment (FDI) and drive economic growth.

“Mr. President is very passionate about this project and wants something positive to happen in respect of the Brass Methanol project before the end of May this year,” Ekpo affirmed during the meeting.

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Situated on Brass Island in Bayelsa State, the Brass Methanol Project, sponsored by Brass Fertilizer & Petrochemical Company Limited (BFPCL), is a $3.8 billion initiative encompassing a gas processing plant, methanol production and refining facilities, and product export infrastructure, among other components.

Minister Ekpo concluded the meeting on an optimistic note, announcing the successful resolution of the GSPA issue and the firm commitment of NNPC/SPDC JV partners to ensure uninterrupted gas supply for the project’s development.