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US to provide N39.84m grant for Nigeria's gas project

20 March 2014, 11:46

Lagos - The United State Trade and Development Agency (USTDA) is to offer N39.84m  (about $257 000) grant for a feasibility study for a gas-based industrial complex project in Nigeria.

The U.S. Consulate-General in Lagos in a statement on Wednesday said the grant was aimed at building business relationships between the U.S. and Nigeria’s emerging petrochemical industry.

The statement said that a ceremony to sign the deal would take place on March 20 at the U.S. Consul-General’s residence in Ikoyi, Lagos.

“Under the agreement to be signed, USTDA is providing $257 000 for the study.

“The study will evaluate various types of facilities which could produce different chemical outputs, including methanol, fertiliser, chemicals and petrochemicals.

“The study will also develop a simulation model that will provide the grantee with recommendations on which of these facilities should be included in the project.’’

According to the statement, the study will include a market survey on the current demand of the different chemical outputs which can result from the project.

The statement said that the market survey would assess domestic and international markets for the potential chemical outputs from the facilities.

It explained that the study would provide the grantee with training related to the international fertiliser and petrochemical industry as well as the economics of fertiliser and petrochemical production.

"The project holds the potential to generate significant U.S. exports of goods and services between the U.S. and Nigeria’s emerging petrochemical industry,’’ it said.

-          NAN

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