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USTDA partners Honeywell for Nigerian petrochem production
25
Mar '14
The U.S. Trade and Development Agency (USTDA) has awarded a US$ 257,000 grant to Honeywell Group Limited (Lagos, Nigeria) for a project that will assess different product streams for petrochemical facilities in Nigeria.
 
Under the project, a feasibility study will be carried out, which will include an analysis of alternative petrochemical facilities including methanol, and petrochemicals that could produce ethylene, propylene, or benzene products, a USTDA press release said.
 
The study will recommend which of these facilities should be included in the proposed gas-based industrial complex, the size and scale of the facilities, the sources of feedstock and the optimum location for the various options.
 
In addition, the study will assess the domestic and international markets for the output of the facilities, as well as the capital costs required, which could exceed US$3 billion.
 
In addition to USTDA's $257,000 contribution under the grant agreement, Honeywell Group will contribute $257,000 toward the completion of the study, for a total project cost of $514,000.
 
During the signing ceremony, Dr. Teddy Ngu of Honeywell Group stated, “We believe our initiative will lead to an attractive and executable project which will stimulate employment and economic growth throughout Nigeria. This partnership will help kickstart our initiative and we look forward to continuing to work with USTDA to achieve our goal of developing a world-class gas-based industrial complex.”
 
The feasibility study will assist Honeywell Group in helping to realize Nigeria’s potential within the petrochemical market. 
 
Nigeria is currently the twelfth largest producer of petroleum and possesses the seventh largest natural gas reserves in the world.  However, according to The World Bank, Nigeria is second only to Russia in the volume of gas flared, and its gas reserves are mostly unutilized.
 
According to the statement, the opportunity to conduct the USTDA-funded feasibility study will be competed on the Federal Business Opportunities (FBO) website and interested US firms can submit proposals according to the instructions in the FBO announcements.
 

Fibre2fashion News Desk - India


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