Chinese, Nigerian firms ink $3.3bn deal for brass industrial park

• Published On: 04 September 2024 at 18:57

China Road and Bridge Corporation has signed a major project agreement with Brass Fertiliser and Petrochemical Company Ltd to develop the Brass Industrial Park and a methanol complex.

This transaction, valued at approximately $3.3 billion, is expected to significantly boost Nigeria's economy.

The Minister of Petroleum Resources and Gas announced the agreement on his official X account, noting that it is consistent with President Bola Tinubu's agenda of promoting industrial growth and improving Nigeria's energy security.

He stated that the agreement was formalised during the ongoing China-Africa Cooperation Forum in China.

It stated, "As part of the ongoing Presidential State Visit and Forum on China-Africa Cooperation (FOCAC), I witnessed the signing of critical Project Agreements for the Brass Industrial Park, Gas Gathering Pipelines and Associated Facilities, and the Methanol Complex Project between Brass Fertiliser and Petrochemical Company Ltd. (BFPCL) and the China Road and Bridge Corporation (CRBC)."

"This partnership is set to inject about US$3.3 billion into our economy, driving growth and innovation in Nigeria's energy sector which is pivotal in driving Nigeria's industrial growth and energy security, in line with President Bola Ahmed Tinubu's Renewed Hope Agenda."

The project aimed to establish Nigeria as a leading hub for downstream oil and gas manufacturing in Africa.

The project, which will be built on Brass Island in Bayelsa State, aims to create one of the world's largest petrochemical, fertiliser, refinery, and hydrocarbon processing facilities.

The Brass Oil and Gas City project, which has already received $3.5 billion in investment, aims to build a world-class, export-oriented oil and gas processing city in Nigeria.

The Brass Methanol Project, sponsored by Brass Fertiliser & Petrochemical Company Limited, is a joint venture between DSV Engineering Limited, the Nigerian National Petroleum Corporation, and the Nigerian Content Development & Monitoring Board. BFPCL will oversee and run the joint venture.