After shareholders have expended over $1billion on the comatose Brass LNG project, the Federal Government has finally dumped the project for the Brass Fertilizer Project.
On Friday, the Nigerian National Petroleum Corporation and DSV Engineering announced that they had taken a Final Investment Decision on the $3 billion Brass Fertilizer &Petrochemical Company Limited’s Integrated Project, which puts a final nail in the coffin of the multi-billion Brass LNG project.
“When completed, the BFPCL Project will bring about $3billion Foreign Direct Investment, generate employment of 30,000 jobs during construction period and 5, 000 during operations, This is a huge milestone,” NNPC Group Managing Director, Mallam Mele Kyari, said. New National Star had earlier reported that shareholders had abandoned the Brass Liquefied Natural Gas project after over $1.2billion had been spent on preliminary works, an amount enough to build a moderate power plant or refinery.
Conversely, the Nigeria Liquefied Natural Gas Limited’s plant on Bonny Island, Rivers State, is waxing stronger, with the Final Investment Decision for Train 7 of the plant having been taken recently while plans are afoot to also do trains 8 and 9.
A top government source who spoke to our reporter about the Brass LNG project, before the FID on the fertilizer project was taken, recently said, “It is a very sad story I must say, honestly, I feel very saddened by what happened to Brass LNG, but you know that happened before this administration, so it is not something I really would like to talk about, but we have other options.
“We want to see how we can resuscitate it either as Brass LNG, or as Train 8 of Bonny LNG. We have not really come to a solution but we are just doing some damage control. The damage has already been done before we came in and it is unfortunate because we couldn’t have spent all that money on the project and just lost the project, it is unfortunate, but of course, you know mistakes are made as a country and then, of course, corrections are also made. So, we are trying to see how we can correct those mistakes.”
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