NNPC, 2 Others, Sign a New Shareholders Deal

NNPC

The Nigerian Content Development and Monitoring Board (NCDMB), Nigerian National Petroleum Corporation (NNPC), and ZED Energy Ltd earlier today 6/11/2021 signed shareholders agreement for the construction of Brass Petroleum Products Terminal Ltd  (BPPT) in Brass LGA of Bayelsa State.

According to the official IG page of NCDMB, The BPPT will close any infrastructural gap in the distribution of petroleum products and also stop illegal refining activities taking place in the region.

In his remarks, Engr Bala Wunti (GGM NAPIMS) said they have done everything possible to ensure that they have the best cost estimate, and the estimate for the project is 10.5 billion NGN, “of course there is going to be plus and minus after the FID”

Hence, the estimate made was to ensure that there are enough funds to execute the project and ensure that the project does not die down.

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Engr Bala expressed confidence in the funding of the project and expressed his gratitude to the Sponsors and the minister of Petroleum while flagging the project a success.

The Executive Secretary NCDMB, Engr. Simbi Wabote saw the Brass Petroleum Products Terminal Ltd Project as means of creating employment.

The Upstream itself doesn’t create as many jobs as the downstream does because for every one job you create upstream you create about four downstream.

The Executive Secretary NCDMB, Engr. Simbi Wabote

It should be noted that the Niger Delta region has been battered over the years by illegal refining and bunkering activities.

The Executive Secretary NCDMB, Engr. Simbi Wabote said that one of the major objectives of the project is to put these illegal activities out of business.

Bayelsa produces 40% of the offshore or swamp crude available in Nigeria, however, there are no major downstream facilities in the area.

Engr. Simbi charged the shareholders to be committed to ensuring the success of the project, as speed and professionalism will be required if they are to meet up with the time frame set for the project.

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HE Chief Timipre Sylva (HMSPR) applauded the commitment of the shareholders and said: “I can see that this form of collaboration which we called for, is what is required to move this industry forward to where we are aspiring”

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Ugochukwu
A Petroleum Engineering writer, passionate about energy and related technologies

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