FG Secures $1.2 Billion Gas Plant Revival Deal In Akwa Ibom

The Federal Government has secured a $1.2 billion investment deal for the revival of the dormant 135MMscfd Gas Processing Plant, in Ikot Abasi, Akwa Ibom State.

The Minister of State for Petroleum (Gas), Ekperikpe Ekpo, announced this investment deal on Tuesday.

He said the investment agreement between BFI and CNCEC International would place the Aluminium Smelter Company of Nigeria (ALSCON) back on the path to becoming the leading aluminum producer for both domestic and international markets.

On his X handle, on Tuesday, Ekpo wrote, “It brings me great satisfaction to announce a pivotal agreement between BFI Group and CNCEC International to revive the long-dormant 135MMscfd Gas Processing Plant at ALSCON in Ikot Abasi, Akwa Ibom State.

“This $1.2 billion investment marks a historic step forward for Nigeria’s industrial sector, placing ALSCON back on the path to becoming a leading aluminum producer for both domestic and international markets, with an annual capacity of 300,000 metric tonnes.

“This ‘epoch-making’ partnership reflects the steadfast commitment of President Bola Tinubu to foster investments in natural gas utilization, supporting Nigeria’s industrialization, economic growth, and development. I commend the collaborative synergy between BFI Group and CNCEC International, as well as the fruitful relationship between the governments of Nigeria and China that is driving this ambitious vision forward.”

The Minister of State for Petroleum added that the deal would reshape Nigeria’s aluminium sector, using natural gas to position the country as a significant player in Africa and the world.

“Through this agreement, I am confident that we will soon see the necessary actions taken to restart the Gas Processing Facility, marking a crucial first phase to reignite ALSCON’s full potential. The reactivation of ALSCON promises to reshape Nigeria’s aluminum sector, using natural gas to position the country as a significant player in Africa and on the global stage.

“I congratulate both BFI Group and CNCEC International on reaching this milestone and look forward to seeing this project delivered on time and within budget, supported by the companies’ expertise and dedication,” Ekpo added.