FG To Build $20 Billion Gas-Based Industrial Park In Niger Delta

Acting President Yemi Osinbajo
Acting President Yemi Osinbajo

The federal government has said that it is interested in a plan to build a $20 billion gas revolution industrial park in Odigigben, Delta State.

Acting President Yemi Osinbajo made this known on Monday at the Aso Rock Presidential Villa in Abuja during a meeting with international investors and developers who presented the plan for the project.

“The importance of this project is underlined by the presidential attention it is attracting. The Presidency is very interested,” Osinbajo said.

He disclosed that a steering committee has already been set up in order to demonstrate government’s commitment to the project.

The committee is headed by the Minister of State for Petroleum Resources, Ibe Kachikwu.

“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,” the acting president told the investors.

Read this also:  20 rights groups sue FG over 'secret' concession of PH refinery

A statement released by Osinbajo’s media aide, Laolu Akande, noted that the industrial gas hub was one of the feedbacks that was received during the acting president’s visit to Delta State.

He said that the park, which is expected to be a regional hub for all gas-based industries, would cover about 2,700 hectares and includes fertilizer, methanol, petrochemicals and aluminium plants.

“The park … has already been designated as a Tax Free Zone by the Federal Government,” Akande stated.

He said the plan for the establishment of the gas park was presented by group of international investors and developers under a consortium by Dubai-based firm, AGMC.

Read this also:  TRANSLATED: Everything Buhari said in Hausa in Eid-el-Fitr message

“The consortium is made up of Fortune 500 companies like the GSE &C of South Korea, the China Development Bank, Power China and several other global operators from Asia and the United Arab Emirates in the Middle-East,” the statement read in part.

“Under the plan, 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, and services such as uninterrupted power, world class telecommunications and processed water.

“The park, originally conceived by the NNPC, is located about 60km from Warri, and is about 1km away from the operational base of Chevron Nigeria Limited.

Read this also:  QUESTION: How much in total will the sacked Hembe return to FG?

“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.”

Minister of State for Petroleum resources, Kachikwu expressed confidence that the project would bring the much-needed succour to the people of Niger Delta region and the oil-producing states.

The leader of the group of investors, Mohammed Bayo, described the project as important to resolving the Niger Delta crisis.