FG’ll ensure success of Brass LNG, says minister
Receiving a briefing on the progress made “so far” on the multi-billion-dollar project, the minister also said that government’s commitment to the success of the project would not in anyway compromise value for money.
Briefing the minister on the progress with the project execution, Chairman of the Board of the company, Dr. Jackson Gaius-Obaseki, said the briefing was necessary to bring everybody to speed in view of the momentum the project has gathered since the inception of the President Musa Yar’Adua administration.
The Managing Director, Mr. Vincenzo D’Lorenzo, who gave a detailed presentation on the achievements so far, expressed his appreciation to the minister and requested him to convey same to the president for his encouraging words during the President’s visit to Brass LNG stand in the just-concluded oil and gas conference held recently in Abuja .
He assured the minister that the company would strive to sustain the current progress in its execution time-table with the successful leap into the early-site-works phase.
He told the minister that with the entry into the early site works phase, there was no stopping the project anymore, as everybody that has anything to do with the project is putting in his utmost best.
The early site works contract represents a significant milestone of the multi-billion dollar greenfield Liquefied Natural Gas project, and by taking this pre-investment initiative ahead of the Final Investment Decision (FID), the shareholders have confirmed their strong commitment to the project.
The scope of work includes, clearing part of the 600 hectares which the project will occupy, preparing the foundation for the product storage tank areas with sand from an onshore borrow pit, installing wick drains to accelerate the consolidation of the underlying soil, installing an incinerator and constructing a camp to house contractor's and owner's personnel.
The contract is expected to last about one year. The managing director reconfirmed the company’s commitment to the completion of the project on schedule and asked for the government’s continued co-operation and assistance in getting the next milestone of the project, which is the FID, actualised.
He also said that the next milestone, which is scheduled for the middle of December this year, is the taking of the FID of the project by its shareholders.
He described the project as a commercially viable one and appealed to stakeholders to make it run a full throttle as scheduled. It will be recalled that it was in the realisation of its commercial viability that the last administration granted the project an export free zone status to further stimulate commercial activities in the area.