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

Courtesy: Christian Dior

Fashion | On 25th Apr 2017

LVMH to acquire Christian Dior Couture for €6.5bn

LVMH and Christian Dior, which holds directly and indirectly 41 per...

Information Technology | On 25th Apr 2017

Self-repairing fabrics to be the future of fashion

It is the era of smart. Intelligent materials like self-repairing...

Textiles | On 25th Apr 2017

Indonesia revitalising textile sector

With exports of textile and textile products rising in Indonesia, the ...

Interviews View All

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search