As part of on-going efforts to restructure and expand its economic capacity, the Bayelsa State Government has put in place modalities to employ no fewer than thirty thousand workers, especially indigenes, in its $3.5 billion fertilizer and petrochemical company.
This disclosure was made by the Deputy Managing Director, Bayelsa Development and Investment Corporation (BDIC), Mr. Tam Alazigha. He stated that $3.5 billion Brass Fertilizer and petrochemical project to be sited at Odioma in Brass Local Government Area, is expected to generate a turnover of $1.5 billion.
The project, he added, would open outposts in strategic locations in the various key markets in order to leverage on opportunities that the markets offered to drive the restoration of the Bayelsa state’s economy.
This high-impact catalytic project according to the Alazigha, is expected to produce 5,000 metric tons of Methanol per day, 2,200 metric tons per day of Ammonia and 7,700 metric tons per day of Urea for domestic and export markets.
“This humongous project will ensure availability of high-grade fertilizer for farmers throughout the planting season and meet twenty five per cent of the country’s projected annual domestic demand of 10 million metric tons. The BDIC is to take up a ten per cent equity stake in the project” he noted.
Other achievements as listed by the Deputy Managing Director include: the $300 million Liquefied Petrochemical Gas project at Agge, with a projected turnover of $100 million, with capacity to produce butane or cooking gas.
The BDIC is a special purpose vehicle and strategic enabler of market-driven development which could also be a fall back option in times of national or global financial crisis and emergency, was established o address the huge challenges of infrastructure deficit.
Currently with an asset base of over $1.2 billion he said, leverages on private sector funds and expertise to grow wealth for Bayelsans and insulate the economy from oil price volatility.
Culled from AgroNigeria