FG moves to complete multi-billion dollar Brass LNG

The Federal Government has pledged its commitment to the completion of the stalled Brass Liquefied Natural Gas (BLNG) project as it seeks for new investors to revive the project.

This was made known by the Minister of State for Petroleum Resources, Chief Timipre Sylva, during an inspection of the project site in Twon Brass, Bayelsa State on Saturday, according to a statement by his Senior Adviser (Media and Communications), Horatius Egua.

According to NAN, Sylva was on inspection of the project with the management of the Greenville LNG, an interested investor, in the BLNG.

Project stalled due to Final Investment Decision

Sylva said that the Federal Government was eager to complete the project which was stalled 17 years ago due to some Final Investment Decision (FID) reasons, adding that it would be completed because of the manifold economic benefits it would bring to the nation.

The Brass LNG with an annual projected capacity of 8.4 million metric tonnes, was initiated in 2005 with the groundbreaking ceremony performed by former President, Olusegun Obasanjo on May 14, 2007.

Federal Government to prioritize project and take investment decision

The minister, who was joined on the project assessment by the Chairman and Managing Director of Greenville LNG, Mr Eddy Broeke and Ritu Sahajwalla, said the government would give the project top priority because of its present policy trust in gas exploration.

He said, “You know the direction of the government as far as gas is concerned. We want to use gas as transition fuel and also to use it to diversify our economy.
“You know that with gas you can get so many things and I have said that we can truly diversify our economy through gas.’’
Sylva who acknowledged the challenges faced in successfully executing the project in the past noted that the government would do everything possible to encourage Greenville LNG investment in the multi-billion dollar Brass LNG.
He said, “We want this project to pull through this time and we will do everything possible to ensure that the Final Investment Decision is taken as soon as possible.
“Greenville LNG is a major player in this sector and we know that they are committed to ensuring that the take-off of this project is achieved. We will continue to discuss and offer the necessary incentives to get this project off the ground.’’

What you should know

The $20 billion Brass LNG project in Bayelsa State was expected to create thousands of new jobs, spur domestic gas demand, generate electricity, create an opportunity to diversify revenue of the Federal government, strengthen the country’s revenue base and turn the country into a dominant geopolitical player in Africa.
The project which was initiated under the administration of President Olusegun Obasanjo, was also projected to help the country monetise part of its vast natural gas reserves and meet the growing worldwide demand for clean energy.
However, the project has been stalled by lack of Final Investment Decision (FID) as well as delays caused by unnecessary bickering, lack of political will.

The post FG moves to complete multi-billion dollar Brass LNG appeared first on Nairametrics.

Generated by Feedzy