Ekperikpe Ekpo, the minister of state for petroleum resources (gas), says Nigeria has signed a $1.2 billion contract with China National Chemical Engineering (CNCEC) to revamp a gas processing plant in Akwa Ibom.
Ekpo, announcing the deal on X on Tuesday, said the gas
plant is crucial for the production of aluminium in the country.
He said the contract, signed between CNCEC and BFI Group —
the core investor in the Aluminium Smelter Company of Nigeria (ALSCON) — is the
first step towards reviving the dormant firm.
The minister also said the deal would see CNCEC resuscitating the 135 million standard cubic feet per day gas processing plant at the dormant smelter, which can produce around 300,000 tons of aluminium annually.
“It brings me great satisfaction to announce a pivotal
agreement between BFI Group and CNCEC International to revive the long-dormant
135MMscfd Gas Processing Plant at ALSCON in Ikot Abasi, Akwa Ibom state,” Ekpo
said.
“This $1.2 billion investment marks a historic step forward
for Nigeria’s industrial sector, placing ALSCON back on the path to becoming a
leading aluminium producer for both domestic and international markets, with an
annual capacity of 300,000 metric tonnes.
“This ‘epoch-making’ partnership reflects the steadfast
commitment of President Bola Tinubu to foster investments in natural gas
utilization, supporting Nigeria’s industrialization, economic growth, and
development.
“I commend the collaborative synergy between BFI Group and
CNCEC International, as well as the fruitful relationship between the
governments of Nigeria and China that is driving this ambitious vision
forward.”
Ekpo expressed optimism that the agreement would expedite
actions necessary to restart the gas processing facility, which will be the
first phase to reignite the ALSCON plant.
“The reactivation of ALSCON promises to reshape Nigeria’s
aluminium sector, using natural gas to position the country as a significant
player in Africa and on the global stage,” he added.
The minister also congratulated the BFI Group and CNCEC
International on achieving the significant milestone.
He expressed belief that the project would be delivered on
time and within budget through the companies’ expertise and dedication.
In September, the federal government announced plans to
revive the ALSCON, stressing that when fully operational, the company would
contribute to the nation’s economy.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com