The board and management of the Nigerian National Petroleum Corporation (NNPC) in a statement on Monday, disclosed plans to secure a 20% stake in the 2.8 million metric tonne per annum Nagarjuna fertilizer project and provide the gas feedstock.
According to the statement, the Nagarjuna fertilizer project which is expected to kick off in Akwa Ibom State, was designed to produce 2.8MTPA of Urea and 0.22MTPA of Ammonia.
Recall that the Group Managing Director of NNPC, Dr. Maikanti Baru had earlier inaugurated the Joint Management Committee (JMC) for the Nagarjuna fertilizer project, in order to achieve early Final Investment Decision (FID) for the eventual takeoff of the project. The committe members are drawn from Nagarjuna Fertilizer and Chemicals Nigeria Limited, a subsidiary of the India-based Nagarjuna Group, and the NNPC.
Members of the committe include: Kovvuri H. Dharudu, Chairman, Blessing Arinze (Nagarjuna), Mr. Moses Oladejo (Nagarjuna), Isiaka Abdulrazaq (NNPC Chief Financial Officer), Engr. Saidu Mohammed (NNPC Chief Operating Officer, Gas and Power), Husaini El-Yakub (Managing Director, Gas & Power Investment Company), and Bala Wunti (Group General Manager, Corporate Planning & Strategy).
Baru said the tandem of the project is in line with the objectives of the Federal Government’s 7-Big Wins and the corporation’s 12-Business Focus Areas, which aims at aggressively commercialising the nation’s enormous gas resources through gas-based.
About Nagarjuna fertilizers and Chemicals Nigeria limited
Established four decades ago, the fertilizer company has been maintaining its status-quo of being the most respected and successful agricultural input brands in Southeast Asia, with a current asset base of over $3 billion.
The group is present across various agricultural input value chains, from research, production, sales and marketing to customer services.
Nagarjuna group has made large investments in the Hydrocarbon, renewable fuel, power and materials’ sectors and has operations in India and Europe.
