ABUJA - The Nigerian National Petroleum Corporation (NNPC) and ExxonMobil have signed Heads of Agreements on plans for a natural gas to liquid petroleum plant in Nigeria.
“The agreement will fast-track the execution of the project from the planning stage to the level of integrated concept and project commitment,” Dr Levi Ajuonuma, Head of NNPC Public Affairs, told newsmen in Abuja.
He said that the NNPC Group Managing Director (GMD), Mr. Abubakar Yar’Adua signed the agreement on behalf of the corporation, while Mr. John Chaplin, Managing Director of ExxonMobil, signed for the Joint Venture Company (JVC).
Ajuonuma also quoted the Minister of State for Energy (Petroleum), Mr. Odein Ajumogobia as saying at the signing that the project would use the latest technology to convert gas to liquid for petrol.
The project, he said, would significantly reduce the nation’s importation of petrol.
“It is also in line with government’s aspiration to monetize the nation’s natural gas resources put at over 180 trillion cubic feet”, Ajumogobia said.
In a remark, the GMD said that Akwa Ibom State would host the refinery for the processing of natural gas to liquid for petrol. “Building of refineries will improve the nation’s revenue base as well as ensure security of domestic supply and distribution of products”, Yar’Adua said.
He explained that the project, when completed, would be one of the significant legacies of President Umaru Yar’Adua’s administration, NNPC and Exxon-Mobil as it would benefit all Nigerians and stakeholders. Describing the project as a welcome
development and a right step in the right direction, Yar’Adua also expressed optimism that the project would succeed. Also speaking, Chaplin said that ExxonMobil’s participation in the project was a demonstration of its commitment to Nigeria’s economic development. “ExxonMobil will continue to invest in Nigeria and especially on projects that will boost Nigeria’s economy”, he said. Chaplin said the project would offer employment opportunities to Nigerians.
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