The Nigeria government has signed a major Gas Sale and Purchase Agreement worth 3.3million dollars between the Shell Petroleum Development Company Joint Venture and BRASS Fertilizer and Petrochemical Company Ltd.
The MoU will see to the supply of 270 million barrels of gas per day,
the largest single Gas Sale and Purchase Agreement to any domestic gas industry in Nigeria.
The Nigerian government have been kin on harnessing its vast gas potential with several efforts to develop the sector.
One of those effort is this ceremony to commemorate the signing of a memorandum of understanding between the Nigerian government and Shell Petroleum Development Company Joint Venture and BRASS Fertilizer and Petrochemical Company Ltd.
The Gas Sale and Purchase Agreement is targeted at monetizing Nigeria’s vast gas reserves, which currently stands at over 209 trillion cubic feet.
The 3.3 billion dollar BRASS Fertilizer and Petrochemical Project is expected to generate 1.5 billion dollars annually from exports and reduce fertilizer imports by 30%, saving the country 200 million dollars in foreign exchange annually.
The project they say will create over 5,000 direct jobs and 35,000 indirect jobs, contributing 600 million dollars annually to Nigeria’s GDP and up to 2 billion dollars in broader economic impact.
The MoU if followed to the later, will see a new chapter in Nigeria’s journey towards a gas-powered economy.
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