In an effort to encourage the use of natural gas by large-scale gas utilization companies, the Nigerian National Petroleum Company Limited has signed a historic Memorandum of Understanding with Indorama Eleme Petrochemicals Limited on gas delivery.
According to Nairametrics, the business made the announcement on Saturday, September 16 via its Twitter account.
The action will allow the NNPCL and Indorama to investigate and develop viable options within the scope of both parties’ interests along the Nigerian hydrocarbon value chain. The move is expected to generate roughly $18 billion in revenue for Nigeria.
The Group Chief Executive of the NNPCL, Mallam Mele Kyari, and the MD of Indorama, Manish Mundra, signed on behalf of their respective companies.
Speaking at the ceremony, Kyari stated that one of the NNPCL’s responsibilities as the national energy company is to promote the use of natural gas through the establishment and management of large-scale gas utilization industries, as stated in article 64(i) of the Petroleum Industry Act.
He claimed that this function is consistent with the company’s Nigasification strategy, a collection of crucial initiatives taken by NNPC to use natural gas and its associated liquids as the preferred energy source, promote economic expansion, free up crude oil for export, and ultimately facilitate job creation.
The world’s largest single-train urea plant is currently owned by Indorama and is located in Port Harcourt, Nigeria. Indorama wants to run the largest petrochemical hub in Africa.
