Leadership (Abuja)
Betrand Nwankwo
20 July 2008
A consortium of Thailand companies made up of Rainbow Energy Limited, PTT public company and Transglobal Energy Funds (TRC) has set aside $2 billion to be invested in Nigeria's energy sector if Federal Government approves their proposal. The targeted areas are the power sector, gas, petrochemical, and agriculture.
The company, under the umbrella of Rainbow Power Limited has also pledged to assist the Federal Government in addressing the epileptic power generation and supply through construction of three new power stations which will generate 1000 mega watts of electricity.
The group made the disclosure when they presented their proposal to the minister of energy for gas, chief Emmanuel Odusina at the weekend in Abuja.
The consortium which has earlier met with the vice president, Goodluck Jonathan, finance minister, Shamsudeen Usman, minister of state for energy (Power), Fatima Ibrahim, said they planned to set up a petrochemical company in Brass, build fertilizer plan in Delta State and equally build three new power plants in Ajaokuta, Abuja and Kano that will generate 1000mw of electricity for Nigeria.
Currently Nigeria requires over 10,000mw of electricity. However, it generates less than 1000 with Federal Government planning to increase the generation capacity with massive investment in the sector which will be revealed by the long awaited state of emergency in the sector.
The group who pledged to deliver on the projects within two years of approval disclosed that 1000mw which is 16 per cent would help in a log way in addressing the current shortfall between generation capacity and generation requirement of electricity in Nigeria.
In his presentation, a member of the group, Mr. Taz Meerovich said the consortium would be a critical development in the power generation capacity of Nigeria. Explaining further, Meerovich said if approval is granted to their proposal, the company would immediately commence the construction of the proposed power stations.
According to him, the power plant that will be sighted in Ajaokuta will generate 500mw of electricity while the ones in Abuja and Kano would generate 250 mw of electricity each.
Speaking further, the group's leader said the consortium was willing to acquire 20 per cent shares of the Nigeria National Petroleum Corporation (NNPC) in Brass LNG. He disclosed that the group is seeking at least 20 per cent proportional LNG off-take from Brass LNG for Thailand national needs as part of the equity.
"The consortium will assist the Nigerian National Petroleum Corporation (NNPC) to acquire a Thailand based strategic energy interests such as equity in a refinery and work towards the development of Thailand as a base for LNG from NNPC targeting Asian market", he promised.
At the moment, NNPC has 49 per sent equity shares in Brass LNG, with ConocoPhilips, Eni S.P.A, and Total S.A controlling 17 per cent shares each but the consortium is proposing to acquire 20 per cent shares from 49 per cent being held by NNPC.
In addition to the power sector, the consortium is planning to invest in the gas. It also intend to build a petrochemical company in Brass. According to the group, when completed, the petrochemical company would be capable of generating power for its consumption and for the host community. Meerovich said the company would generate additional revenue for the Federal Government, create jobs and assist in energy transfer.
In the area of agriculture, Meerovich said the consortium would also establish a fertiliser plant in Delta State. The group's leaders who observed that 80 per cent of the raw material needed for the fertiliser production are available in Nigeria, however stated that Nigeria has what it takes to be a great nation.
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