(Ecofin Agency) - The Federal Government of Nigeria has approved the development of a $20 billion gas industrial park in Niger Delta. The infrastructure will be established via a public-private partnership. This was revealed yesterday by Laolu Akande, the spokesperson of Acting President, Yemi Osinbajo (photo), while meeting with foreign investors and developers who presented the plan for the project.
According to Akande, the project tagged the “Gas Revolution Industrial Park (GRIP)” is planned to be a regional center for all gas-based industries and will cover 2700 hectares of land. He said the park which has been designated as a Tax Free Zone by the government will include fertilizer, methanol, petrochemical and aluminum plants.
“Under the plan presented to the Acting President, about $20billion would be invested in the development of the GRIP and will create 250, 000 direct and indirect jobs in the process. The Industrial park would be a cluster for several industries in one location benefitting from an efficient, cost-competitive and abundant supply of natural gas, close to a deep sea port and centralized utilities & services such as uninterrupted power, world class telecommunication and processed water,” the spokesman said in the statement.
The park is to be built 60km from Warri and 1km away from Chevron Nigeria Limited and is to be connected to over 18 trillion cubic feet of gas reserves in fields such as the Odidi, Okan and the Forcados. Regarding supply, it will be connected to the Escravos–Lagos Pipeline System (ELPS).