HighlightOil & Gas

NNPC Targets 20 Percent in Fertilizer Company

197

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has charged members of the Joint Management Committee (JMC) of the Nagarjuna Fertilizer Project to work hard to achieve early Final Investment Decision (FID) for eventual take-off of the project.

“It is my expectation that the negotiations with the Financiers and other prospective investors will be concluded in order to meet the FID target of March 2019. With the composition of the Joint Management Committee, I believe the target FID date will be achieved. The key message to the Joint Management Committee therefore is to ensure that we conclude the pre-FID activities in good time to achieve the FID target”, the GMD stated.

He said the project was in tandem with the objectives of the Federal Government’s 7-Big Wins and the corporation’s 12-Business Focus Areas to aggressively commercialise the nation’s enormous gas resources through gas-based industrialization and congratulated the Management of Nagarjuna for its tenacity and acquisition of a new project site in the Ikot Abasi Oil and Gas Free Trade Zone.

The Nagarjuna Fertilizer Project in Nigeria is designed to produce 2.8 metric tonne per annum (MTPA) of Urea and 0.22MTPA of Ammonia and NNPC is billed to take 20% equity in the project and provide the gas feedstock.

Speaking recently while inaugurating the JMC made up of members drawn from Nagarjuna Fertilizer and Chemicals Nigeria Limited, a subsidiary of the India-based Nagarjuna Group, and NNPC, Dr Baru noted that the President Muhammadu Buhari administration was keenly interested in diversifying the economy by growing the agricultural sector and that the early take-off of the Nagarjuna Fertilizer Project would be a boost to that aspiration.

Members of the JMC are: Mr. Kovvuri H. Dharudu, Chairman; Ms. Blessing Arinze (Nagarjuna); Mr. Moses Oladejo (Nagarjuna); NNPC Chief Financial Officer, Mr. Isiaka Abdulrazaq; NNPC Chief Operating Officer, Gas and Power, Engr. Saidu Mohammed; Managing Director, Gas & Power Investment Company (GPIC), Mr. Husaini El-Yakub; and Group General Manager, Corporate Planning & Strategy, Mr. Bala Wunti.

Leave a comment

Related Articles

Jose Peseiro trolled online for playing injured Ola Aina in AFCON final

Super Eagles coach Jose Peseiro got brutally trolled online for playing Ola...

AFCON: Nigeria’s performance was built on collective efforts – FG

The Minister of Sports Development, Sen. John Owan Enoh, has attributed Nigeria’s...

Only 5% of Nigerians have above N500,000 in their bank accounts – FG

The Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun,...

Deceased Ondo Gov. Akeredolu interred in Owo amid pomp as Pres. Tinubu extols him

Ondo State Governor, Mr Oluwarotimi Odunayo Akeredolu, who died in office in...

Ex-NBA President, Olumide Akpata, emerges Edo LP guber candidate

Former President of the Nigerian Bar Association and Edo State governorship aspirant,...

Father drowns, rescuing his underage son, who falls into well

In a last-minute effort to save his son, who mistakenly fell into...

Tinubu names Gbenga Alade as AMCON MD/CEO

President Bola Tinubu has appointed a new management team for the Asset...

Port Harcourt refinery to start producing 2.2m litres of diesel, petrol daily soon – FG

The Federal Government has announced that the Port-Harcourt Refinery is gearing up...

ECOWAS faces most difficult challenges since its formation – Ejime

A public affairs analyst, Mr. Paul Ejime, has lamented that the Economic...

Economic hardship: Lagos Govt. employees except teachers to work three days a week – Sanwo-Olu

Civil servants from grade levels 1 to 14 will start working three...

Tinted glass permit: Police to train enforcement officers, ICT analysts on issuance

In a bid to improve national security and curb criminal activities facilitated...

Senate Confirms Cardoso, Yuguda, 10 Others As Chair, MPC Members

The Senate has confirmed the appointments of the governor of the Central...

Breaking: Nigeria’s GDP grew by 3.46% in Q4 2023 – NBS

The National Bureau of Statistics (NBS) has announced growth in Nigeria’s gross...

FG stops exportation of cooking gas to crash price

The Federal Government, in its bid to crash the price of cooking...

Ex-Brazilian star Dani Alves jailed four years for rape

Ex-Brazilian star Dani Alves has been sentenced to four and a half...

Economic hardship: Nigerian military warns against calls for coup

The Nigerian military authorities have issued a stern warning to those calling...

Just in: After 26-month self-exile, Yoruba nation activist, Sunday Igboho returns to Nigeria

Chief Sunday Adeyemo, also referred to as Sunday Igboho, a foremost Yoruba...

Just in: 86 people murdered daily in South Africa — Police Minister

At least 86 people are killed daily in South Africa, according to...

Appointment: Kemi Nandap is the new Comptroller-General of Nigeria Immigration Service

The Nigeria Immigration Service (NIS) has a new Comptroller-General. She is Deputy...

Just in: Labour Party’s National Chairman, Abure, Arrested

The National Chairman of the Labour Party (LP), Mr Julius Abure, has...