Minister of State Petroleum Assets (Fuel), Rt. Hon. Ekperikpe Ekpo, has welcomed a serious vessel acquisition deal between Brass Fertiliser Petrochemical Firm Restricted (BFPCL) and COSCO Delivery Traces Co Ltd, highlighting its potential to advertise Nigerian content material and drive financial progress.
The deal, which includes the development of 16 methanol-powered delivery vessels, valued at $900 million, is ready to extend Nigerian corporations’ participation within the maritime house, aligning with the Federal Authorities’s drive to encourage indigenous involvement in essential sectors of the financial system.
Ekpo, in a press release by his spokesman, Louis Ibah, praised the settlement as a “important milestone” that can create extra job alternatives, cut back capital flight, and enhance Nigeria’s GDP.
The 16 methanol carriers are to be powered by methanol gas with supply of the primary vessel by the final quarter of 2028, and they’d be devoted to the evacuation and transportation of methanol and different merchandise from the Brass Methanol Plant in Bayelsa State to varied world locations.
The Fuel Ministry stated the partnership between BFPCL and COSCO, one of many world’s largest delivery corporations, demonstrates the Federal Authorities’s dedication to selling Nigerian content material and driving financial progress and growth.
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Ekpo stated using methanol as gas for the vessels is in step with the Federal Authorities’s dedication to worldwide decarbonisation and internet zero targets and to realize its internet zero objectives as agreed beneath the Paris Local weather Change Settlement
“The development of those 16 methanol-powered vessels is a major funding in Nigeria’s future. Using methanol as gas for these vessels aligns with our decarbonisation objectives and demonstrates our dedication to decreasing carbon emissions and attaining internet zero targets. We’re proud to be on the forefront of this progressive challenge and stay up for seeing the advantages it should convey to the nation,” stated Ekpo.
BFPCL and China Highway and Bridge Company (CRBC) additionally just lately executed Undertaking Agreements for the $3.3 billion Brass Industrial Park, Methanol Plant and Fuel Gathering Pipelines with Related Amenities.
After years of delay, the long-awaited Fuel Gross sales and Buy Settlement (GSPA) with its gasoline provider, the NNPC/SPDC Joint Enterprise (JV) is predicted to be finalised earlier than thirtieth September 2024, marking a serious milestone within the challenge’s journey and paving the way in which for the challenge’s monetary shut and graduation of the execution part.
