The Minister of State for petroleum, Dr. Emmanuel Ibe Kachukwu on Monday brushed away speculations and revealed that the federal government has not abandoned the Gas Export Processing Zone (EPZ) in Delta State.
Rather he disclosed he had set up a team across the parastatals to drive the process of actualising the dream.
He said “The steering committee is just being set up and is going to be launched next week,” he stated, adding that his ministry had just finished consultations with the Delta State government.
Though he cited paucity of funds as a constraint to delivering the project, he explained that he would not like to launch the programme until the money for its execution is available.
The Delta State born petroleum expert said the government had secured commitments for close to $2 billion potential investment in the project. “Without the money, there is no need to be launching projects,” he stated.
Still on the development of gas for export scheme, he recalled that the NCDMB are building close to five industrial parks in oil producing states and they are working hard at it.”
On Bonny Train 7, the minister of state said the project is also constrained by lack of money.
“The price of gas today is low, so anybody who is going to put money into gas development today needs to have really strong fiscals. That is not looking very encouraging, but the nice thing is that the NLNG has done very well and has access to be able to get facilities.”
“So we are going to be working with them on Train 7, as Train 7 is what we have commitment to. The president’s nostalgic feelings are that when they left many years ago, the plan was that 10 years ago, we should have been in Train 12. The fact that we wasted this much time when the prices were really very lucrative and supportive is a shame.
