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Fed Govt targets $10b investment in gas

By on March 26, 2011

The Federal Government has set a target of $10 billion as Foreign Direct Investment between 2012-2014 from a new Gas Revolution Agenda.

President Goodluck Jonathan is also scheduled  to launch the agenda on March 24, said the Minister of Petroleum Resources, Mrs. Deziani Alison-Madueke.

Speaking with journalists in Abuja, the minister said:”Today’s event is meant to acquaint you with major developments in the oil and gas industry which, we believe,  will have far reaching effect on the socio-economic development in Nigeria. This is specifically in respect of Mr. President’s gas revolution agenda which will be launched on Thursday, the March 24, 2011, by President Goodluck Ebele Jonathan.”

She noted that in view of the abundant availability of 187 TCF natural gas in the country, Jonathan is of a strong vision  to re-industrialise Nigeria using this vast natural resources.

But Alison-Madueke explained that the vision is anchored on the key cardinal principles, which include: significantly improved power availability for all, re-positioning of Nigeria as the undisputed regional hub for gas-based industries such as fertiliser, petrochemical and methanol, a geographical spread industrialisation, and creating wealth rapidly across the nation.

The envisioned gas based industry, which she called industrial rebirth, comprises the following: “A world scale petrochemical plant. Two world scale fertiliser plants. Five fertiliser blending plants, A methanol plant, an LPG distribution plan.”

Asked where the plants will be located, the minister said they would be based near their sources in the Niger Delta, while other plants will be spread across the country.

Source : The Nation