Home / Knowledge / News / Textiles / USTDA partners Honeywell for Nigerian petrochem production
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

Must ReadView All

Textiles | On 20th Feb 2017

UK textile & apparel exports up 7.05% in 2016: UKFT

The exports of apparel and textiles from the UK have increased by...

Textiles | On 20th Feb 2017

Himatsingka Seide incorporates subsidiary in Europe

Himatsingka Seide Ltd, one of the largest producers of home textiles...

Courtesy: Green Initiatives

Apparel/Garments | On 20th Feb 2017

Green Initiatives launches Re:Form to end textile waste

Green Initiatives, a non-government institution, has launched...

Interviews View All

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search