Brass Fertiliser & Petrochemical Company Limited (BFPCL) has signed a $6 billion off-take deal with BP Oil International Limited as a major breakthrough in the development of the Phase One of the $4 billion Brass Fertilizer project, The Guardian reports.
The contract, which was signed at the London office of BP Oil International in December, is for exclusive offtake of methanol production from Phase 1 of the BFPCL project in Brass, Bayelsa State, over a period of 10 years.
The project is extremely strategic to the country’s agricultural and industrial sectors. It will contribute to the country’s self sufficiency in fertilizer and Methanol based industrial raw materials.
The company said in a statement on Monday, that the agreement is a key condition precedent for securing the foreign direct investment from the project lenders and International Investors.