During the weekend, the Nigerian National Petroleum Company Limited, NNPCL signed a Memorandum of Understanding (MoU) with Indorama Energy PTE Limited to reach a supply of about 800 million cubic feet of gas that will make the company invest over $7 billion.
The agreement was signed in Abuja and would require the NNPC to improve the gas supply for Indorama to boost the production of fertilizer, urea, and other products.
Before the deal was signed, the Group CEO, of NNPC Limited, Mr. Mele Kyari, said that the agreement reached with Indorama was in line with the FG plan to boost domestic gas utilization in the country.
Remember that some weeks ago, President Bola Tinubu went to India for the G-20 Summit, after which he got pledges from different industries willing to invest in the country.
Kyari said that the Petroleum Industry Act urges the NNPCL to do everything within its reach to boost gas production and utilization.
He said,
- The agreement fits into our gasification programme in that whoever needs gas because it is available, must make it available. So that industries can come up, power can be created, and ultimately employment will come and the economy will boom.