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Nigeria: u.s.$20 Billion for development of gas-based industries

Nigeria: u.s.$20 Billion for development of gas-based industries

(Hassan Adebayo)

Tagged the Gas Revolution Industrial Park, GRIP, Mr. Osinbajo, according to his spokesperson, Laolu Akande, disclosed the industrialization plan at the State House, Abuja on Monday when he met with the project development partners, a consortium of "Fortune 500 companies like the GSE&C of South Korea, the China Development Bank, Power China and several others global operators from Asia and the United Arab Emirates in the Middle-East."

GRIP is located at Ogidigben, Delta State, and envisaged to be a regional hub for all gas-based industries, Mr. Osinbajo said. He added that it sits on 2700 hectares with fertilizer, methanol, petrochemicals, & aluminium plants located in the park that has already been designated as a Tax Free Zone by the FG.

"Under the plan presented today by the consortium to the Acting President, about $20 billion would be invested to develop the Gas Revolution Industrial Park, and generating 250,000 direct and indirect jobs in the process.

The industrial park would be a cluster for several industries in one location benefiting from an efficient, cost-competitive and abundant supply of natural gas, proximity to a deep sea port and centralized utilities, & services such as uninterrupted power, world class telecommunications and processed water.

"The park, originally conceived by NNPC, is located about 60km from Warri, and is about 1km away from the operational base of Chevron Nigeria Limited. It will be connected to over 18 trillion Cubic Feet of gas reserves in fields such as Odidi, Okan, Forcados, located within a 50km radius. It is equally planned that the park will be connected to Nigeria's most dominant gas pipeline network-ELPS, enabling supply of gas to and from the park," the office further explained.

Mr. Osinbajo was quoted as saying: "we already have a Steering Committee in place, chaired by the Honourable Minister of State for Petroleum Resources and that shows the level of our commitment. We are unwavering.

"We take the project very seriously and glad to see you are committed and ready to make several other commitments. This is a process that we intend to see happen."

He was said to have stressed the Buhari Administration's "unwavering commitment" to the Niger Delta region, many parts of which the acting president just visited as part of the administration's bid to engage the volatile oil-producing region.

He said his visits to the Niger Delta communities had been mandated by President Muhammadu who is on extended medical leave in the United Kingdom before he travelled in January.

The building of an industrial gas hub in Ogidigben, Delta State was one of the feedbacks that was received during the visit to the state, he said.

In his remarks at the meeting, Minister of State for Petroleum Resources, Ibe Kachikwu, was quoted as expressing confidence that "the GRIP will bring the much needed succour to the people of the Niger Delta, and the oil-producing states."

The development partners were led by Mohammed Bayo, a UAE Sheik, who was said to have expressed commitment to the project. NNPC boss, Maikanti Baru, was also said to be at the meeting.
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