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Shareholders hopeful Brass LNG progresses under Buhari

By Kingsley Jeremiah, Abuja
18 December 2019   |   2:57 am
Shareholders of Brass LNG project have expressed optimism that President Muhammadu Buhari’s administration will do everything possible to ensure the Final Investment Decision (FID), is taken on the gas project.

Shareholders of Brass LNG project have expressed optimism that President Muhammadu Buhari’s administration will do everything possible to ensure the Final Investment Decision (FID), is taken on the gas project. 

Rising from its 13th Annual General Meeting in Abuja, Chairman of Brass LNG Ltd., Jackson Gaius-Obaseki,‎ also noted that the current administration has shown commitment to completing inherited projects.

Gaius-Obaseki said: “Something you can’t take away from this government is that they don’t abandon projects. Even projects they met, they have picked all up, completed, and improved on it. It is just for shareholders to say, ‘we want to do,’ and it will be done.”

Just last week, the Senate called for the immediate revival of the project, while directing the Nigerian National Petroleum Corporation (NNPC), and the Brass LNG to brief its Committee on Gas Resources on the extent of its implementation.

Coming at a time when the Federal Government is focusing on harnessing gas resources for economic growth as well as job creation, reviving the Brass LNG project may directly improve the nation’s gas aspiration and create as much as 10,000 jobs when fully operational.

The LNG project is a green field project established to produce liquefied natural gas from its location in Brass Island, Bayelsa State, after agreement was signed in 2003, by four shareholders.Gaius-Obaseki noted that the Minister of State for Petroleum Resources, Timipre Sylva, and the Group Managing Director, NNPC, Mele Kyari, already indicated interest in the revival of the project.

He equally expressed shareholders’ readiness in ensuring that the project is delivered in the near future, seeing as it has been on for too long.
“I have made it clear that come early next year, they (shareholders), must make a decision. You can’t keep a project at minimal activity for a very long time,” he said.Speaking on the company’s activities in the past year, Gaius-Obaseki said its safety records remained clean with no reported security threat.

It also completed the downward review of project site contracts, and movement to new Brass LNG office building at Ikoyi with substantial savings in the process, he noted.