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Saturday, 18 June 2016

Investigation of $10.3 Billion Chevron Escravos Project Continues As Senate visits Escravos Warri

Chevron Escravos Gas To Liquid Project
The Senate of the Federal Republic of Nigeria yesterday visited Warri, Delta State in continuation of the Senate investigation of $10.3 billion completion cost for the Chevron Escravos Gas to Liquid (EGTL) project located in offshore Escravos Warri.

A committee of eight (8) senators led by the chairman Senate committee on Gas, Senator Bassey Albert Akpan were received by the Chevron Nigeria Limited (CNL) team preceded by the Deputy Managing Director of the Chevron Nigeria Limited, Mr. Ezekiel Shadiya accompanied by the Government Affairs Director, Senator Gbenga Aluko and other officials of CNL.

The Chevron Escravos Gas to Liquid Plant is a joint venture project between the Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited. The Plant converts natural gas to liquid fuel of Diesel, Naphtha, Liquefied Petroleum Gas (LPG) and Condensate. The project approved in 2001 with the EGP3 for $2.9 billion was completed in 2014 at a cost of $10.3 billion by CNL. 

The Plant which is now functioning and ready for use any time is said to be the fourth of such installations in the world with an interesting production process and a major foreign exchange earnings for the country. It is also a major flare out solution converting natural Gas that should have been flared to major foreign exchange earnings for the country.

Sen. Bassey Albert Akpan in a statement said that the senate believes in the objectives of the project but not in the astronomical completion costs and that the committee will work to ensure that the interest of the country in this massive project is adequately protected for the benefit of Nigerians.
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Item Reviewed: Investigation of $10.3 Billion Chevron Escravos Project Continues As Senate visits Escravos Warri Rating: 5 Reviewed By: Joseph Etim