FG seeks new investors, pledges to complete Brass NLG
As the federal government seeks new investors to revive the stalled Brass Liquified Natural Gas (BLNG) project, Minister of State Petroleum Resources Chief Timipre Sylva has insisted that the government will ensure the project abandoned over 17 years ago is completed.
Sylva gave the assurance when he inspected the project site with the management of Greenville NLG, Saturday in Twon Brass, Bayelsa state.
This is just as Greenville NLG has indicated interest to invest in the BLNG.
According to the minister, the government is desirous of completing the project due to its manifold economic benefits to the nation.
Present investors in the Brass NLG project are Nigeria National Petroleum Company Limited (NNPC), Eni and Total.
The BNLG, which has trains 1-4 concept, with an annual projected capacity of 8.4 million metric tons, was initiated in 2005 with the ground breaking ceremony performed by former President Olusegun Obasanjo on May 14, 2007.
The Minister said the federal government would give the project top priority because of its present policy thrust in gas exploration in the country.
“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,” he said.
While acknowledging the challenges associated with executing the project, Sylva noted that the government would do everything possible to encourage Greenville NLG in investment in the multi-billion dollar BNLG noting that “We want this project to pull through this time and we will do everything possible to ensure that the Final Investment Decision (FDI) is taken as soon as possible.
“Greenville NLG is a major player in this sector and we know that they are committed to ensuring that the takeoff of this project is achieved. We will continue to discuss and offer the necessary incentives to get this project off the ground,” he stated further.
Commending President Muhammadu Buhari for creating the enabling environment for businesses in the country, he urged western nations to shore up their investments in the oil and gas sector in the country lamenting that the speed at which investments were pulled out of Nigeria in the past hampered the growth of the sector.