The BFI Group and CNCEC International have signed $1.2 billion investment agreements to revive the long-dormant 135MMscfd Gas Processing Plant at ALSCON in Ikot Abasi, Akwa Ibom State.
The Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, broke the news today at the agreement signing ceremony.
Ekpo , on his official X, on Tuesday, said, ” This $1.2 billion investment marks a historic step forward for Nigeria’s industrial sector, placing ALSCON back on the path to becoming a leading aluminum producer for both domestic and international markets, with an annual capacity of 300,000 metric tonnes.
This ‘epoch-making’ partnership reflects the steadfast commitment of President Bola Tinubu to foster investments in natural gas utilization, supporting Nigeria’s industrialization, economic growth, and development.
I commend the collaborative synergy between BFI Group and CNCEC International, as well as the fruitful relationship between the governments of Nigeria and China that is driving this ambitious vision forward.
Through this agreement, I am confident that we will soon see the necessary actions taken to restart the Gas Processing Facility, marking a crucial first phase to reignite ALSCON’s full potential.
The reactivation of ALSCON promises to reshape Nigeria’s aluminum sector, using natural gas to position the country as a significant player in Africa and on the global stage.
I congratulate both BFI Group and CNCEC International on reaching this milestone and look forward to seeing this project delivered on time and within budget, supported by the companies’ expertise and dedication.”