The Nigerian National Petroleum Corporation (NNPC) has disclosed it would acquire 20 per cent stake in the 2.8 metric tonne per annum (MTPA) Nagarjuna fertiliser project expected to take off in Akwa Ibom State.
The corporation said in addition to the 20 per cent equity in the fertiliser plant, it would also supply gas to the plant.
A statement by the NNPC’s Group General Manager, Public Affairs Division, Mr. Ndu Ughamadu, quoted the Group Managing Director of the corporation, Dr. Maikanti Baru, as urging members of the Joint Management Committee (JMC) of the Nagarjuna fertiliser project to work hard to achieve early Final Investment Decision (FID) for its eventual take-off.
The statement explained that the Nagarjuna fertiliser project was designed to produce 2.8MTPA of Urea and 0.22MTPA of Ammonia.
It said Baru inaugurated the JMC, with members drawn from Nagarjuna Fertiliser and Chemicals Nigeria Limited, a subsidiary of the India-based Nagarjuna Group, and the NNPC.
He explained in the statement that the government was keen on diversifying the economy of Nigeria by growing the agricultural sector and that an early take-off of the fertiliser project would support this.
“It is my expectation that the negotiations with the financiers and other prospective investors will be concluded in order to meet the FID target of March 2019,” he said.
“With the composition of the Joint Management Committee, I believe the target FID date will be achieved. The key message to the Joint Management Committee therefore is to ensure that we conclude the pre-FID activities in good time to achieve the FID target,” Baru said.
The NNPC helmsman congratulated the management of Nagarjuna for its tenacity and acquisition of a new project site in the Ikot Abasi Oil and Gas Free Trade Zone (FTZ).
According to the statement, members of the JMC include Mr. Kovvuri Dharudu, as its chairman; Ms. Blessing Arinze (Nagarjuna); Mr. Moses Oladejo (Nagarjuna); NNPC Chief Financial Officer, Mr. Isiaka Abdulrazaq; NNPC Chief Operating Officer, Gas and Power, Mr. Saidu Mohammed; Managing Director, Gas and Power Investment Company (GPIC), Mr. Husaini El-Yakub; and Group General Manager, Corporate Planning and Strategy of NNPC, Mr. Bala Wunti.
Culled from ThisDay
