NCDMB in Equity Investments Agreements With Nigerian Based Firms

By Margaret Nongo-Okojokwu

Nigerian Content Development and Monitoring Board (NCDMB) has signed equity investment agreements with Duport Midstream Company.

The agreement will see the establishment of an energy park in Egbokor, in the country’s midwest and Eraskon Nigeria Limited, for lubricating oil blending plant in Gbarain, in Nigeria’s south-central east. The two companies are expected generate 1500 direct and indirect jobs.

The energy park will comprise of 2500 bpd modular refinery, 30mn standard cubic feet gas processing facility, a compressed natural gas facility and two megawatts power plant. The lubricating oil plant is expected to have a capacity for 45,000 litres per day.

Simbi Wabote, engineer and the executive secretary, said the investments were coming under the board’s commercial ventures programme and are in sync with the vision to catalyse the industrialisation of the Nigerian oil and gas industry and its linkage sectors. He noted that the board was excited at the prospects of the partnerships in job creation, value retention petroleum products availability, utilisation of our abundant gas resources and in the development of incountry capability.