The China Road and Bridge Corporation has signed a major project agreement with Brass Fertilizer and Petrochemical Company Ltd for the development of the Brass Industrial Park and a methanol complex.
This deal, valued at approximately $3.3 billion, is expected to significantly boost the Nigerian economy.
The Minister of Petroleum Resources and Gas announced the agreement via his official X account, noting that it aligns with President Bola Tinubu’s agenda to foster industrial growth and enhance energy security in Nigeria.
According to him, the agreement was formalized during the ongoing Forum on China-Africa Cooperation in China.
It stated, “As part of activities during the ongoing Presidential State Visit and Forum on China-Africa Cooperation (FOCAC), I witnessed the signing of critical Project Agreements for the Brass Industrial Park, Gas Gathering Pipelines & Associated Facilities, and the Methanol Complex Project between Brass Fertilizer and Petrochemical Company Ltd. (BFPCL) and the China Road and Bridge Corporation (CRBC).
“This partnership is set to inject about US$3.3 billion into our economy, driving growth and innovation in Nigeria’s energy sector which is pivotal in driving Nigeria’s industrial growth and energy security, in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.”
The project poised to position Nigeria as a leading hub for downstream oil and gas manufacturing in Africa.
Located on Brass Island in Bayelsa State, the project aims to develop one of the world’s largest centers for petrochemical, fertilizer, refinery, and hydrocarbon processing.
The Brass Oil and Gas City project, with $3.5 billion already invested, is designed to create a world-class, export-oriented oil and gas processing city in Nigeria.
The Brass Methanol Project, sponsored by Brass Fertilizer & Petrochemical Company Limited is a joint venture involving DSV Engineering Limited, the Nigerian National Petroleum Corporation and the Nigerian Content Development & Monitoring Board. BFPCL will oversee and operate the joint venture.
