This announcement follows the company’s signing of a US$6 billion off-take deal with BP Oil International Ltd, which covers the exclusive off-take of methanol production from phase 1 of the project.
Chief Okoye continued: “The project is designed to be built in two phases and phase one which is expected to come on stream in 2020, will produce 1.66 million metric t (MT) of ethanol and 1.3 million metric t of urea per annum. Phase one also includes a dedicated export jetty and a 300 mm ft3/d gas processing plant.”
Once completed, the projected is anticipated to generated US$1.5 billion in turnover annually.
