News hotlines: 08111813019, 08025868561
Even as 2019 curtain draws, industry stakeholders have expressed surety that the Federal Government under President Muhammadu Buhari will cause the Final Investment Decision (FID) on both two hanging gas schemes; the LNG Train 7 and Brass LNG.
The delay in taking the strategic decision has continued to hold back activities in the sub-sector, but watchers are upbeat that as soon as the decision is taken, investors will flag of activities which analyst say, will lead the massive job creation and huge revenue to the economy.
Only recently in Abuja, shareholders of Brass LNG project expressed optimism that President Muhammadu Buhari’s administration will do everything possible to ensure that its FID, is taken on the gas project.
Investors in the scheme, who rose from their 13th Annual General Meeting in Abuja recently, said strong indications are pointing to the possibility of the FID sooner than later.
In his remarks at the AGM, Chairman of Brass LNG Ltd. And former GMD of NNPC, Dr Jackson Gaius-Obaseki said: “Something you can’t take away from this government is that they don’t abandon projects. Even projects they met, they have picked all up, completed, and improved on it. It is just for shareholders to say, ‘we want to do,’ and it will be done.”
According to him, he took inspiration from last week’s position of the Senate, who called for the immediate revival of the project, while directing the Nigerian National Petroleum Corporation (NNPC), and the Brass LNG to brief its Committee on Gas Resources on the extent of its implementation.
Experts are further upbeat as the FID is coming at a time when the Federal Government is focusing on harnessing gas resources for economic growth as well as job creation.
Observers and followers of the Brass LNG say apart from improving the nation’s gas aspiration, the Brass LNG project may directly create as much as 10,000 jobs when fully operational.
Business Hilights recalls that the LNG project is a green field project established to produce liquefied natural gas from its location in Brass Island, Bayelsa State, after agreement was signed in 2003, by four shareholders.