Mixed Reactions as Nigeria Signs $1 Billion Pact with China for Gas Flaring Solutions
A landmark agreement worth $1 billion has been signed between Beijing Zhogmin Xinjunlong New Energy Technology Company Ltd., a Chinese firm, and NIGUS International, a Nigerian firm, to finance and implement solutions aimed at ending gas flaring in Nigeria.
The pact, signed in Abuja on Friday, comes in response to a national directive from President Bola Tinubu and is set to transform Nigeria’s energy landscape by transitioning towards sustainable green energy production.
HRH Malik Ado Ibrahim, the CEO and Chairman of NIGUS, highlighted the significance of this partnership, emphasizing its focus on deploying advanced technology to convert flared gas into valuable commercial products. This includes the production of Gas-to-Liquid (GTL) fuels like synthetic diesel, Liquefied Natural Gas (LNG) for export, and Liquefied Petroleum Gas (LPG) for cooking purposes.
GTL technology is a cutting-edge process that converts natural gas into high-quality liquid fuels such as gasoline, jet fuel, and diesel.
The CEO stressed that this venture aligns with Nigeria’s efforts to reduce its carbon footprint by utilizing its gas resources more efficiently. By harnessing this modern technology in collaboration with China, Nigeria aims to create wealth, achieve carbon neutrality, and provide affordable energy solutions.
This ambitious project, according to HRH Malik Ado Ibrahim, is expected to not only contribute to Nigeria’s economic growth but also create employment opportunities. He expressed optimism about accessing global green funds with Nigeria’s improved carbon footprint, potentially unlocking additional financial support.
Mr. Yung Ruming, the CEO of Beijing Zhogmin Xinjunlong New Energy Technology Company Ltd., affirmed the company’s commitment to the partnership, stating that their technical expertise and equipment would be utilized to realize the project’s objectives.
Ruming expressed gratitude to the Nigerian government for the opportunity and highlighted the longstanding positive relationship between Nigeria and China, emphasizing the mutual benefits this project would bring to both nations.
NAN
