The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has secured a major investment commitment from India’s Jindal Group, agreeing to offtake around 450 million standard cubic feet of natural gas daily.
This deal will underpin a $4 billion project to establish a Hot Briquetted Iron Steel Plant with a 10 million tonnes annual capacity at Akwa Ibom’s Ibom Solutions Hub Industrial Park.
Minister Ekpo’s spokesperson, Louis Ibah, confirmed that the project aims to generate thousands of jobs, positioning Nigeria as a high-grade steel production leader.
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The agreement was formalized after Ekpo met with Jindal Group Chairman Naveen Jindal in New Delhi, where they discussed finalizing the Gas Sales and Purchase Agreement.
Jindal Group will lease 300 hectares within the industrial park for the facility, citing Nigeria’s natural gas reserves and strategic position as prime investment factors.
Ekpo assured the group of Nigeria’s supportive investment climate and emphasized the government’s commitment to securing a prosperous future for the gas sector.
Ekpo’s visit included a tour of Jindal’s steel plant in Angul, India, and involved a delegation that included NNPC’s Group CEO, Mele Kyari, and other key officials.
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