Gasification Technologies Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gasification Technologies

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Dennis Roth who wrote (279)	6/24/2008 7:29:08 AM
From: Dennis Roth	of 1740

Senate to investigate $2.902bn Escravos Gas to Liquid project 22 June, 2008 02:00:00 TUNJI OLAWUNI businessdayonline.com The Senate committee on gas may this week begin investigation into the Escravos Gas to Liquid (EGTL) project which the Nigerian National Petroleum Corporation, (NNPC) projects will cost $2.902 billion. Osita Izunaso, chairman of the committee, is expected to move a motion to draw the attention of the upper legislative chamber that a similar project in Qatar is being executed at the cost of about $592 million, making NNPC’s cost projection of $2.902 billion questionable. Izunaso’s motion will note that the Escravos GTL project is to convert over 300 million cubic feet of natural gas per day to GTL diesel and GTL naphtha and that the plant is to be located adjacent to the CNL Escravos Gas Plant phase 1 (EGP-1). Izunaso may also argue that the former group managing director of NNPC, Jackson Gaius-Obaseki, did not capture the exact implication of the project to former president Olusegun Obasanjo when he was made to approve the project. Funso Kupolokun, Gaius-Obaseki’s successor, the senate gas committee chairman will point out, discarded his predecessor’s position on assumption of office by reviewing the cost estimate which now resulted to huge escalation in the contract value. The motion will claim that NNPC may have compromised its integrity by putting up the project for President Obasanjo’s approval and subsequently approving contract on the project without enlisting adequate technical information for the Federal Government. Sasol, a South African oil and gas company which possesses the patent of the EGL technology and partners of CNL in the EGTL project has disclosed that the EGTL project will now cost $6 billion. The committee on gas which will eventually carry out the investigation may be given four weeks to evaluate the NNPC on the project and report back with recommendations on actions to be taken.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next