The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has successfully secured a commitment from Jindal Group to offtake about 450 million metric standard cubic feet per day (MMscfd) of natural gas.
A statement by the minister’s spokesman, Louis Ibah, said that the deal comprises a $4 billion investment in a 10 million tonnes per annum Hot Briquetted Iron (HBI) steel plant to be located at Ibom Solutions Hub Industrial Park (ISHIP), a free zone facility in Akwa Ibom State.
The project, it said is expected to create thousands of jobs and position Nigeria as a regional powerhouse for industrialisation and high-grade steel production.
According to the statement, the agreement was sealed after a meeting in New Delhi, India between Ekpo and Jindal Group Chairman, Naveen Jindal, with discussions underway to finalise the Gas Sales and Purchase Agreement (GSPA) for the supply of natural gas to the Indian firm.
As part of the agreement, ISHIP and Jindal have also agreed to lease 300 hectares in the ISHIP for the project.
