The Nigerian National Petroleum Company Limited (NNPCL) has signed a $7 billion gas supply deal with Indorama Eleme Petrochemicals Limited.
NNPCL disclosed this in a statement on Saturday in Abuja.
The deal is to promote the use of natural gas by large-scale gas utilization industries.
The Group Chief Executive of the NNPCL, Mele Kyari signed the agreement for the state-owned oil company while the Managing Director of Indorama, Manish Mundra, represented his company.
The statement read: “NNPC Limited signs a landmark Memorandum of Understanding with Indorama Eleme Petrochemicals Limited on gas supply in a bid to promote the use of natural gas by large-scale gas utilization industries.”
In his address at the event, Kyari said article 64(i) of the Petroleum Industry Act (PIA) allowed NNPCL to promote the use of natural gas through the development and operation of large-scale gas utilization industries.
This, according to him, will ensure NNPC utilised natural gas and its associated liquids to spur economic growth, free up crude oil for exports, and ultimately enable job creation.
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