Global energy company the Nigerian National Petroleum Company (NNPC) and its partners have signed a gas sales agreement for Brass Fertilizer and Petrochemical Co.’s $3.3 billion methanol project.
The deal was finalized in Abuja on October 11 and will supply 270 MMcfgd of gas to the methanol plant on Brass Island, Bayelsa. The NNPC’s partners in the project include oil and gas supermajors Shell and TotalEnergies and Italian petroleum company Agip.
The project is expected to generate $1.5 billion annually from exports and reduce fertilizer imports by 30%, saving $200 million in foreign exchange.
