The Nigerian National Petroleum Corporation (NNPC) has disclosed that it will acquire 20 per cent stake in the 2.8 metric tonne per annum (MTPA) Nagarjuna fertiliser project expected to take off in the Akwa Ibom area of Nigeria.

It said its interest in the shares of the fertiliser firm would be in addition to securing the supply of gas to it as its feedstock.

A statement from the Group General Manager, Public Affairs Division of the corporation, Mr. Ndu Ughamadu, on Monday in Abuja disclosed this.

The statement also quoted the Group Managing Director of NNPC, Dr. Maikanti Baru, to have asked members of the Joint Management Committee (JMC) of the Nagarjuna fertiliser project to work hard to achieve early Final Investment Decision (FID) for its eventual takeoff.

The statement explained that the Nagarjuna fertiliser project was designed to produce 2.8MTPA of Urea and 0.22MTPA of Ammonia.

It said Baru inaugurated the JMC made up of members drawn from Nagarjuna Fertiliser and Chemicals Nigeria Limited, a subsidiary of the India-based Nagarjuna Group, and NNPC

He said in the statement that the government was keen on diversifying the economy of Nigeria by growing the agricultural sector, adding that an early takeoff of the fertiliser project would support this.

“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 Joint Management Committee, I believe the target FID date will be achieved. The key message to the Joint Management Committee therefore is to ensure that we conclude the pre-FID activities in good time to achieve the FID target,” said Baru.

He equally said the project was in tandem with the objectives of the government’s ‘7-Big Wins’ agenda for the oil sector and NNPC’s 12-Business Focus Areas (BUFA) which seek to aggressively commercialise Nigeria’s enormous gas resources through gas-based industrialisation.

The NNPC helmsman 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 (FTZ).

According to the statement, members of the JMC include Mr. Kovvuri Dharudu, as its chairman; Ms. Blessing Arinze (Nagarjuna); Mr. Moses Oladejo (Nagarjuna); NNPC Chief Financial Officer, Mr. Isiaka Abdulrazaq; NNPC Chief Operating Officer, Gas and Power, Mr. Saidu Mohammed; Managing Director, Gas and Power Investment Company (GPIC), Mr. Husaini El-Yakub; and Group General Manager, Corporate Planning and Strategy of NNPC, Mr. Bala Wunti.
https://www.thisdaylive.com/index.php/2018/07/23/nnpc-targets-20-stake-in-fertiliser/amp/

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one of States in South South with a government with brain

That is good,
Buhari is working,
Buhari till 2023.

Blakjewelry:
one of States in South South with a government with brain

You are right! He's more focused on governance than politics while some people around the country are more on politics than governance. Especially that one that call himself Nsima Ekere

buhariguy:
That is good, Buhari is working, Buhari till 2023.

you forget to say Udom is working

I'm glad to see commendation coming from APC/PDP supporters

Udom is working

HappyNigerian:
you forget to say Udom is working

if any state governor is not doing well, even the governor will join his people to blamed buhari but if they are doing good, they will not praised buhari.

When your village people are after you, you will still blame buhari, but when you making it, you praise yourself.

buhariguy:
if any state governor is not doing well, even the governor will join his people to blamed buhari but if they are doing good, they will not praised buhari.

Has Udom ever blamed Buhari?