Nigerian Energy Company Signs $1 Billion Gas Flaring Agreement With Chinese Enterprise

In order to finance and develop solutions for gas flaring in Nigeria, Beijing Zhogmin Xinjunlong New Energy Technology corporation Ltd. and NIGUS International, a Nigerian energy corporation, have inked a $1 billion deal.

As per President Bola Tinubu’s national instruction, the agreement was signed on Friday in Abuja, according to the News Agency of Nigeria (NAN).

In addition to other innovations, it is learned that the cutting-edge technology will produce Gas-to-Liquid (GTL) products such Liquefied Natural Gas (LNG) for export and Liquefied Petroleum Gas (cooking gas) to improve the energy balance.

The partnership with the Chinese company, according to HRH Malik Ado Ibrahim, Chairman and Chief Executive Officer of NIGUS, was centred on integrating its state-of-the-art technology to transform flared gas for commercial usage.

“As a renewable energy company, NIGUS is partnering with technology to bring a clean climate economy to Nigeria and create value from what we are wasting now to generate energy pricing,” he stated. This is the purpose of the joint venture.

Ninety percent of the gas that Nigeria produces is flared rather than used, hence it appears that we are not leaving a carbon footprint.

By collaborating with China, we are bringing cutting-edge technology to bear in order to generate income, achieve carbon neutrality, and produce energy at a reduced cost.

The initiative aims to illustrate the President’s desire to employ flared gas, and this technology will fulfil his desires.

“The paradigm shift is that we will be able to embed the technology where it is needed rather than adding infrastructural cost,” says the person who developed the GTL, which will enable us to transform gas into liquid and produce LNG.

Beijing Zhogmin Xinjunlong New Energy Technology Company Ltd.’s chief executive officer, Yung Ruming, stated that his organisation was prepared for the collaboration.

He promised that in order to complete the project, their technical staff and tools would be gathered.

In addition to other developments, he claimed that the initiative would provide considerable benefits for Nigerians.