The Federal Government announced The Gas Supply and Purchase Agreement to support the Final Investment Decision for the Three point eight billion dollars in Brass methanol project is to be executed in May 2024.

The Brass methanol project is a major industrial project being built in Bayelsa State to produce methanol, a key industrial chemical, using natural gas resources. Nigeria currently imports all its methanol.

Located in Brass Island, Bayelsa, the facility is to have a capacity of Ten thousand tones of methanol per day when completed, as it is still under construction and expected to be operational this year.

The Three point eight billion dollars is to create up to fifteen thousand jobs during construction and aims to boost the Nigerian economy by reducing reliance on imports.

This project is a joint venture between DSV Engineering Limited, the Nigerian National Petroleum Company Limited, and the Nigerian Content Development & Monitoring Board.

The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, announced the execution date for the gas supply agreement in Abuja on Wednesday after a meeting with key stakeholders of the project in his office.

Ekpo, in a statement issued by his media aide, Louis Ibah, said the meeting was to confirm adequate gas supply to the Brass methanol project by the NNPC/Shell/TotalEnergies/NAOC Joint Venture.

He said the meeting was to also determine the next steps to conclude and execute the GSPA and mature the phase-2 of gas supply to the project.