FG Witnesses Signing Of US$3.5 Billion Partnership Between BFI Group, CNCEC

By Miriam Humbe

Minister of State, Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo has described the signing of partnership agreement between BFI Group, core investor in Aluminium Smelter of Nigeria (ALSCON), and China National Chemical Engineering Corporation (CNCEC) as an epoch-making event.

Chris Ugwuegbulam, the Assistant Director, Information disclosed this in a statement.

The Minister who was represented by the Permanent Secretary, MPR. Amb. Nicholas Agbo Ella disclosed this on Monday, in Abuja at the official signing of agreement between BFI Group and CNCEC.

The agreement was signed to cement their partnership for the restart of the Aluminium Smelter Company of Nigeria (ALSCON), valued at about US$3.5 Billion.

The Minister said that, when the ALSCON Plant come back on stream, it was expected that it would return to its pride of place as the nation’s catalyst for the development of Aluminium Upstream and Downstream Sectors, utilizing Natural Gas and positioning Nigeria as a major producer of Aluminium in Africa and globally.

This is with a capacity to produce one million metric tons of aluminium per annum, and generation of about 540MW from its gas fired power plant.

He pointed out that the ceremony was “another testament to the strong commitment of President and Commander-in-Chief of the Armed Forces of Nigeria, Bola Ahmed Tinubu to encourage investments in the ultilization of the Nation’s abundant natural gas to drive Nigeria industrialization, economic growth and development”.

The Chairman BFI Group, Dr. Reuben Jaja stated that CNCEC had shown interest in the national planning and industrial development of Nigeria and has promised to work with BFI Group to promote the efficient utilisation of Natural Gas, reduce carbon emissions in our environment, foster development of energy industry, enhance employment opportunities and accelerate regional economic growth in Nigeria.

The Chairman; China National Chemical Engineering Corporation (CNCEC) Mr. Bao Guangdon acknowledged Nigeria’s abundant deposits of natural resources especially in the Oil and Gas Sector.

Guangdong stressed the company’s strength and willingness to harness the resources for the common good of all.

He promised that the company would deploy her best workforce especially in the area of financing with a view to achieving quality result.

The high point of the event was the signing of the agreement documents as witnessed by the Permanent Secretary, MPR. Amb. Nicholas Agbo Ella, some Directors in the Ministry, officials of BFI Group and CNCEC.