The MSM Group has announced that it is on track to deliver the 12-million-ton-capacity cement factory it is constructing in Kebbi State.
Speaking at a press conference in Abuja yesterday, the Chairman of MSM Group, Muazzam Mairawani, said the project, which will be executed in clusters, will see each cluster delivered at a cost of $600 million.
He added that the company, which has been operating since 2017, also manages OML 98 and aims to support the federal government's drive to achieve the production of 2 million barrels of crude per day.
"One of the assets is the OML 98 reserve of 118 million barrels. But in less than six months of our commitment to that asset, we went back and discovered an additional 126 million barrels. So, the total for that asset is no longer 118 million barrels but 244 million barrels.
"This was achieved based on the technical expertise we have at MSM Oil and Gas. We don't use seismic; we rely solely on data. Also, MSM works with experienced professionals because we value their knowledge and exposure. In our team, most members have over three decades of experience in the upstream oil and gas sector," he said.
He further said the company is transparent in its operations and willing to open its books to anti-graft agencies. "I am pleased to inform you that, as I speak, we are almost 99% through with closing the IPO in the United States of America for MSM Frontier Capital Acquisition. We are set to raise $225 million this month, and our target is to invest $2.7 billion in Nigeria. Without the president's support, MSM would not have achieved all this."
