A Chinese firm, Beijing Zhogmin Xinjunlong New Energy Technology Company Ltd. and NIGUS International, a Nigerian firm, have signed $1 billion agreement to fund and develop gas flaring solutions for Nigeria.
The pact signing held on Friday in Abuja was in the light of the national directive from President Bola Tinubu.
The deal which is monumental to Nigeria will help to end gas flaring and introduce Nigeria into the world of Green Sustainable Energy Production.
(HRH Malik Ado Ibrahim, CEO and Chairman, NIGUS International (Left) and
Mr Yung Ruming, CEO, Beijing Zhogmin Xinjunlong New Energy Technology Co. Ltd after the $1bn deal signing on flare gas solutions.)
Speaking at the agreement signing, HRH Malik Ado Ibrahim, the Chief Executive Officer and Chairman of NIGUS, said the partnership with the Chinese company was aimed at imbibing its new state of the art technology profile to convert flared gas for commercial use.
This, new technology, according to him, will create Gas-to- Liquid (GTL), (synthetic diesel to galvanise energy mix), Liquefied Natural Gas (LNG) for export and Liquefied Petroleum Gas (cooking gas), among others.
The GTL technology is a process that converts natural gas, the cleanest burning fossil fuel to high quality liquid fuels such as gasoline, jet fuel and diesel.
“The joint ventures is about NIGUS, as a renewable energy company, joining forces with the technology that allows us to bring clean climate economy to Nigeria and create value from what we are wasting at the moment to generate lower pricing energy.
“We seem not to be contributing to the carbon footprint, we flare a lot of our gas, 90 per cent of what we produce in Nigeria in being flared, not utilising the gas.
“We are bringing to play a very modern, state of the art technology by joining forces with China to create wealth and carbon neutrality then generate lower price energy.
“The project is to demonstrate the president’s wish to utilise flared gas, this technology will put his wishes into action.
“The GTL will allow us to turn the gas into liquid, to create LNG, the paradigm shift is that we will be able to imbed the technology where is needed rather than adding infrastructural cost,” he said.
He explained that the packaging would be beneficial to Nigeria in terms of job creation for economic growth and development.
“If Nigeria is able to push this technology, we can get some global green funds, we expect that our carbon footprint and neutrality profile will allow the joint ventures to assess the kind of funds Mr President put available for Nigeria,” he said.
Mr Yung Ruming, the Chief Executive Officer, Beijing Zhogmin Xinjunlong New Energy Technology Company Ltd., while expressing readiness for the partnership said its technical team and equipment would be deployed to actualise the project.
Ruming thanked the Federal Government for giving the company the opportunity to carry out the work.
He noted that Nigeria and China had enjoyed good relationship in the past years hence the project would be of immense benefit to Nigerians.
