August, 2
NNPC is billed to take 20% equity in the project Nagarjuna Fertilizer Project to provide the gas feedstock
According to the statement of NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, the "Nagarjuna Fertilizer Project in Nigeria is designed to produce 2.8 MTPA of urea and 0.22 MTPA of ammonia and NNPC is billed to take 20% equity in the project and provide the gas feedstock."

Speaking recently while inaugurating the Joint Management Committee (JMC) made up of members drawn from Nagarjuna Fertilizer and Chemicals Nigeria Limited, a subsidiary of the India-based Nagarjuna Group, and NNPC, Dr Baru noted that the President Muhammadu Buhari administration was keenly interested in diversifying the economy by growing the agricultural sector and that the early take-off of the Nagarjuna Fertilizer Project would be a boost to that aspiration.

M. Baru also charged members of JMC of the project to work hard to achieve early Final Investment Decision (FID) for eventual take-off of the project. "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".

M. Baru 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 industrialization and 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.