NNPC targets 20% stake in new fertiliser company

THE Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, said Nigeria would soon acquire a 20 per cent stake in the Nagarjuna Fertiliser Project.

Baru said this in a statement by the NNPC Spokesman, Mr Ndu Ughamadu on Monday in Abuja.

According to him, NNPC will take 20 per cent equity in the Nagarjuna Fertiliser Project in Nigeria and provide the gas feedstock.

He said the project was designed to produce 2.8 metric tonnes per annum (mtpa) of urea and 0.22mtpa of ammonia.

He charged members of the Joint Management Committee of the project to work hard to achieve early Final Investment Decision (FID) for the eventual take-off of the project.

Inaugurating the project committee, Baru noted that the President Muhammadu Buhari-led administration was keenly interested in diversifying the economy by growing the agricultural sector.

He said the early take-off of the Nagarjuna Fertiliser Project would be a boost to that aspiration.

”It is my expectation that the negotiations with the financiers and other prospective investors will be concluded in order to meet the FID target of March 2019.

”With the composition of the committee, I believe the target FID date will be achieved.

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”The key message to the committee, therefore, is to ensure that we conclude the pre-FID activities in good time to achieve the FID target,” Baru said.

He said the project was in tandem with the objectives of the Federal Government’s 7-Big Wins and the corporation’s 12-Business Focus Areas to aggressively commercialise the nation’s enormous gas resources through gas-based industrialisation.

He congratulated the Management of Nagarjuna for its tenacity and acquisition of a new project site in the Ikot Abasi oil and gas free trade zone.

Members of the committee are Mr Kovvuri Dharudu, Chairman; Ms Blessing Arinze (Nagarjuna); Mr Moses Oladejo (Nagarjuna); NNPC Chief Financial Officer, Mr Isiaka Abdulrazaq and NNPC Chief Operating Officer, Gas and Power, Mr Saidu Mohammed.

Others are Managing Director, Gas and Power Investment Company, Mr Husaini El-Yakub; and Group General Manager, Corporate Planning and Strategy, Mr Bala Wunti.