BAYELSA SEEKS STAKE IN $3.5BN BRASS FERTILISER, PETROCHEMICAL PROJECT

The Bayelsa State government has solicited for an equity stake in the Brass Fertiliser and Petrochemical Company project about to commence on the Brass Island in the state. Governor Douye Diri made the request when the management team of the company paid him a courtesy visit in Government House, Yenagoa.

The governor said the state’s position became necessary due to the negative fallouts in excluding oil-producing states and local governments from the Petroleum Industry Act (PIA). “Let us ensure that the state is not totally excluded from being partners in progress in this whole process,” Diri said.

Diri commended President Bola Tinubu for resuscitating the project, which was conceptualized in 2009 but gained some traction during the administration of his predecessor before it fizzled out again. He expressed hope that the petrochemical company would be different and urged the management to partner with the state government to correct the imbalance and avert conflicts in its host communities.

The Managing Director of the Brass Fertiliser and Petrochemical Company, Chief Ben Okoye, said the visit was to formally inform the state government that work on the $3.5 billion project would start in October this year. Okoye explained that the 10,000 metric tonnes of methanol per day project was delayed due to lack of agreement on the gas component, but President Tinubu directed the Minister of State for Petroleum (Gas) to get it started, and the agreement was signed in January this year.

The Project Coordinator, Mr. Cyril Akika, listed the benefits of the project, including economic transformation, tax revenues, royalties, and infrastructure development. He said over 15,000 jobs would be created during construction and over 5,000 permanent jobs, and the project would boost Bayelsa SMEs through project supply chains and equity dividends for the state.

Diri appreciated the president for his positive response to the state’s requests for federal government presence, as exemplified in the revival of the fertilizer and petrochemical project. He also thanked the governor for constructing the Nembe-Brass road, which would save the company up to $100,000 in logistics costs.