Home Energy Nigeria seeks new investors to revive Brass LNG

    Nigeria seeks new investors to revive Brass LNG

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    Sylva

    The Nigeria’s Minister of State Petroleum Resources, Timipre Sylva, has pledged commitment to the completion of the stalled Brass Liquefied Natural Gas, BLNG, project as the Federal Government seeks new investors to revive the project.

    Sylva, in a statement on Sunday by his Senior Adviser, Media and Communications, Horatius Egua, said this during an inspection of the project site in Twon Brass, Bayelsa State, on Saturday.

    The minister was on inspection of the project with the management of the Greenville LNG, an interested investor, in the BLNG.

    He said that the Federal Government was desirous of completing the project which was stalled 17 years ago due to some Final Investment Decision, FID, reasons.

    The Minister said the project would be completed because of the manifold economic benefits it would bring to the nation.

    The BLNG, which has trains 1-4 concept, with an annual projected capacity of 8.4 million metric tonnes, was initiated in 2005 with the ground breaking ceremony performed by former President Olusegun Obasanjo on May 14, 2007.

    The Minister, who was joined on the project assessment by the Chairman and Managing Director of Greenville LNG, Eddy Broeke and Ritu Sahajwalla, said the government would give the project top priority because of its present policy trust in gas exploration.

    “You know the direction of the government as far as gas is concerned. We want to use gas as transition fuel and also to use it to diversify our economy.

    “You know that with gas you can get so many things and I have said that we can truly diversify our economy through gas,” he said.

    Sylva who acknowledged the challenges faced in successfully executing the project in the past noted that the government would do everything possible to encourage Greenville LNG investment in the multi-billion dollar BNLG.

    “We want this project to pull through this time and we will do everything possible to ensure that the Final Investment Decision is taken as soon as possible. Greenville LNG is a major player in this sector and we know that they are committed to ensuring that the take-off of this project is achieved. We will continue to discuss and offer the necessary incentives to get this project off the ground,” he added.

    While commending President Muhammadu Buhari for creating the enabling environment for businesses in the country, the minister urged western nations to shore up their investments in the oil and gas sector in the country.

    He decried the speed at which investments were pulled out of Nigeria in the past hampered the growth of the sector.

    “We are calling for more investments in the hydrocarbon sector of the economy especially in gas. We are encouraging companies interested in gas to do so.

    “We have enough gas reserve in the country and we are encouraging anyone with capacity to bring in their investments,” Sylva maintained.

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