Nagarjuna Fertilizers and Chemicals Limited sign petrochemical MoU with Nigeria

Oil and Gas Press Xenel of Saudi Arabia , will construct a world-scale petrochemical plant in the Koko Free Trade Zone (FTZ), Warri Delta State, with a capacity of about 1.3 million tonnes per annum. The country, which wants to end gas flaring, has projected the creation of 500,000 jobs through an investment of $ 25 billion on the process. Out of this, the fertiliser initiative will cost $ 2.5 billion. Oando Nigeria Plc and Agip Oil Company are to jointly build a $ 3 billion Central Gas Processing Facility (CPF) in the country. All the firms signed the agreement with state-owned Nigerian National Petroleum Corporation. President Mr Goodluck Jonathan said the gas project is an ambitious agenda of his Government to fast-track Nigeria’s industrial rebirth, which would see domestic gas supply rising to over 10 billion cubic feet per day by 2020 from the current level of 1 billion cubic feet per day, which is due to incessant flaring. “Based on the agenda, it is our expectation that by 2014, we would have positioned Nigeria as the regional hub for gas-based industries of fertilisers, petrochemicals and methanol,” Mr Jonathan stated in Abuja. ]]>