President Goodluck Jonathan has promised that gas flaring in the Nigeria will be reduced to an acceptable limit by the year 2020 as the gas produced in the country is rated in much quantity.
The President who made the promise in a banquet organized by the Akwa Ibom state Government in his hounor during a one day working visit to the state Thursday, stated that that the problem of gas flaring in Nigeria has been lack of maximizing of the gas the country’s gas assets.
He says with the level of utilization of gas on Nigerian and the private sector involvement in the oil and gas sector the country will
soon be transformed to petrochemical hub of Africa, and to achieve that; gas produced must be converted to make Nigerian appreciate its value.
“We cannot continue to export raw crude oil and gas to create jobs and boost the economy of other countries. We need to add value to our gas through petrochemical processes which will lead to production of other commodities such as; cosmetics, textile, fertilizers etc. this is the only way we can create jobs for our people.
During the visit, the president had commissioned a $600b gas processing facility embarked upon by the Seven Energy and Frontier Oil in collaboration with the Akwa Ibom State Government, performed the groundbreaking ceremony of $1.5b Methanol Industry and inspected the ongoing 30,00 sitter Ibom International stadium among other projects.
He described the project as laudable as it would positively affect the future of the state and transform the economy of the state and the nation.
He commended the state Governor, Chief Godswill Akpabio and the state government for naming the third ring road after him, he promised to continue to justify the confidence reposed on him by Akwa Ibom people.
Akpabio who described the project as laudable as it is expected to positively affect the future of the state and transform the economy of the state and nation, lauded Jim Ovia for his vision in coming to cite the project in the riverine part of the state, pointing out that the investor did so at his volition.
Also addressing the townhall meeting the Minister of Petroleum, Dieziani Alison Madueke commended Nigerian investors for delving into a very critical aspect of the petroleum sector, with the gas processing and petrochemical methanol plants and expressed hope that such developments will not only create employment but will fit into the master plan of commercialization of the gas sector.
“This will position the oil and gas sector to touch the real economic need of Nigeria. The gas processing plant will in addition to serving the Ibom Power Plant, service the Calabar IPP. These projects represent the president’s ardent support for petroleum development.
This is an epoch making history in Nigeria and underscores the President’s support for local contents,” She said.
Speaking earlier, Ovia disclosed that the project is being executed at the cost of $1.5billion.
He noted the importance of the project because of the derivatives it will produce which are necessary to produce other essential goods in the country.
“Petrochemicals are vital to our everyday life: the plastic bottles that allow us to drink sanitary water, the clothes that we wear, the fertilisers that we use to grow crops, the tires on our cars that brought us here today, the shovel that we use to break the ground, the cosmetics that ladies among us applied today, the pharmaceuticals we take everyday to enjoy a healthy life; all are derivatives of petrochemicals of some form,” Ovia said.
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