• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 7, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

NNPC, Indorama sign 800mscf gas supply, industrialisation agreement

Gas

The Matters Press by The Matters Press
September 16, 2023
Reading Time: 2 mins read
0
We have nothing to hide – NNPC

Abuja, Sept. 16, 2023: The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has signed a Memorandum of Understanding (MoU) with Africa Indorama Energy Petrochemical Ltd. to supply 800 million scuff of gas to promote industrialisation in Nigeria.

RELATED POSTS

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

Malam Mele Kyari, Group Chief Executive Officer, NNPC Ltd., said this during the signing of the MoU in Abuja on Saturday.

He said the aim of the MoU was to ensure that Nigeria’s abundant gas resources were harnessed.

According to him, the project is expected to contribute common revenue of 3.8 billion dollars annually to the Gross Domestic Product (GDP) and up to 18 billion dollars in its lifecycle.

He said the project would boost downstream production of about 4.8 Million Tonnes Per Annum (MTPA) of products including methanol, urea, and fertiliser.

He added that it would also create about 55,000 jobs, develop a condensate refinery to boost petroleum product supply and reduce product importation.

Kyari expressed satisfaction with the commitment of Indorama, which would invest at least 7 billion dollars in the project at the initial stage.

He said President Bola Tinubu’s directive was very clear and also aligned with the determination of NNPC Ltd. to ensure delivery on its gasification project.

“Because gas is available, we must make it available so that industries can come up; power and resources can be created, ultimately employment can be created and economy will boom.

“There is a huge connection between harnessing gas resources and this. My team and I will do everything possible to deliver this huge project,” said Kyari.

According to him, Nigeria is on the threshold of getting value out of gas, and NNPC is currently pursuing many large scale gas projects with the determination to achieve progress.

The Managing Director and CEO of Indorama, Mr Manish Mundara, said the company had proven track record in partnerships with NNPC for over 16 years.

He added that the duo had worked together in petrochemicals and fertiliser, and that the strategic collaboration had delivered world class projects.

“Nigeria’s gas reserves and its strategic location should position it as one of the largest producers of urea, ammonia, methanol and petrochemicals polymers.

“While we are working together on gas resources, we will partner the downstream and invest in at least two more lines of fertiliser, two lines of methanol and one big petrochemical project, among others.

“This will make Nigeria one of the largest producers of urea in Africa and the Western Hemisphere. The ball is rolling now, it’s our responsibility to work together and distribute benefits of industrialisation,” he said.

Earlier, Mr Bala Wunti, Chief Upstream Investment Officer, NNPC Upstream Investment Management Service (NUIMS), said the scope of the MoU involved assurance for gas delivery to meet the gas based industry.

“Overall, we anticipate that at the peak of the project, about 800 million scope of gas will be made available for domestic use, part of which will be used to provide the needed quantity of gas by Indorama.

“And the balance will be supplied to the domestic market to meet power demand, commercial and other activities, particularly in the eastern part of the country,” Wunti said.

Tags: Gas
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
Economy/Technology

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

June 6, 2025
Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
Next Post
Electronic collection of data from states, Councils ready by March – RMAFC

RMAFC develops software for revenue generation, sharing

Nigeria, Equatorial Guinea in talks to boost gas production

Asiko deepens gas penetration, unveils 300 metric tonnes depot in Benin

Recommended Stories

UK unions seek higher minimum wages for Britons

Turkey hikes minimum wage by 30% as cost-of-living crisis bites

June 20, 2023
Food shortage: Nigeria bans foreigners from direct purchase of produce from farmers

Food shortage: Nigeria bans foreigners from direct purchase of produce from farmers

March 13, 2022
Bids roll in for Ajaokuta Steel Company

Food insecurity worries World Bank

May 28, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria’s 3MTT gets boost as EU, World Bank back initiative
  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us