Luka Binniyat
3 August 2005
Abuja — THE Nigerian National Petroleum Corporation (NNPC) has set aside $360 million (N50.4) billion for broadening its gas infrastructure so it can meet the gas requirement of the Aluminium Smelter Company (ALSCON), Ikot Abasi expected to resume production soon.
NNPC said it hopes to meet the gas requirement of ALSCON from 8 billion cubic feet (bcf) in 2006 to 50 bcf by 2010, and as such is committing the sum of $160 million or N22.4 billion to develop the needed infrastructure.
Also the Corporation is planning another $200 million or N28 billion investments through the Joint Venture partnership of NNPC-SPDC to satisfy ALSCON's ultimate demand of over 100 mmscf per day with a start-up in-take of 20 mmscfd.
Group Managing Director (GMD) of the NNPC, Funsho Kupolokun said this yesterday during the execution of the gas sale and purchase agreement between the Nigerian Gas Company (NGC) and the Aluminium Smelter Company of Nigeria (ALSCON) at the NNPC Towers, Abuja.
The GMD said that "Government has resolved to bring ALSCON and other metal companies back on stream through privatisation, hence, huge investment in the company.
"Under the in-coming management which has the attribute of an outstanding investment record, it is my belief that ALSCON will realize its full potentials, provide employment opportunities, generate foreign exchange and meet the local demand for aluminium."
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