By Prince Okafor & Obas Esiedesa
As a major boost to Nigeria’s economy, a fresh indication has emerged that China Exim Bank, African Development Bank (AfDB), international commercial banks amongst other international donors are expected to fund 70 percent of the nation’s Methanol Plant project total cost.
The project which Final Investment Decision (FID) was signed over the weekend by the Nigerian National Petroleum Corporation, NNPC, Nigerian Content Development and Monitoring Board (NCDMB), along with DSV Engineering (an indigenous Nigeria company) will be situated Bayelsa State.
Other donors include, regional banks and African institutions
The facility would be the largest methanol plant in Africa and the first in Nigeria and the construction phase is expected to create 30,000 direct and indirect jobs and additional 5000 permanent jobs during the operations phase.
……. describes it as first of its kind, a land mark historical events, as its unfolds in Nigeria.
The National Coordinator, Comrade Agi Bestman, on IOCs Land Grabbing, MOU, CSR, Implementation Report investigation as approved by the Honourable Minister of Justice/Attorney General of Federation, Abubakar Malami, has described the Honorable Minister as the Messiah, Hope of Niger Delta Host Communities and Families.
Comr. Agi Bestman Who kicked off families and communities stake holders consultation and sensitization visits, lamented over the deplorable states of the host families and Communities, despite 60% counter part funding, Joint Venture Assets, JVA Cash Call, which is part of Federal Government of Nigeria contribution for the development of the host Communities and Families in the region.
Standard Chartered Bank acted as Global Co-Ordinator/Financial Advisor to Heirs Holdings Oil & Gas Limited (formerly Trans-Niger Oil & Gas Limited) on its acquisition of a 45% working interest in OML 17 (a producing onshore oil and gas asset in Nigeria) from Shell Petroleum Development Company of Nigeria Limited (“SPDC”), Total E&P Nigeria Limited (“TEPNG”) and Nigerian Agip Oil Company Limited (“NAOC”) (a subsidiary of ENI SpA).
Judge s gavel on the table (copyright by Shutterstock/FabrikaSimf)
For years oil companies poor maintenance of Nigerian oil infrastructure including leaking pipelines has devastated the country s Bayelsa State in the Niger Delta.
A Dutch appeals court has now ruled that the Nigerian branch of oil giant Shell is responsible for damage caused by leaks. The court ordered Shell Nigeria to pay compensation to Nigerian farmers, while the subsidiary and its Anglo-Dutch parent company were told to install equipment to prevent future damage. In this regard, the Court underscored the importance of installing a a leak detection system to one pipeline to prevent further spills.
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Nigeria: Shell Nigeria must compensate farmers for oil leak pollution & Royal Dutch Shell to install leak detection system, orders Dutch Appeal Court Dutch court orders Shell to pay Nigerian farmers over oil spills , 29 January 2021
. The Court of Appeal in The Hague on Friday ruled that the Nigerian arm of the British-Dutch company must issue payouts over a long-running civil case involving four Nigerian farmers who were seeking compensation, and a clean-up, from the company over pollution caused by leaking oil pipelines.
It held Shellâs Nigerian subsidiary liable for two leaks that spewed oil over an area of a total of about 60 football pitches in two villages, saying that it could not be established âbeyond a reasonable doubtâ that saboteurs were to blame.