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A Chinese firm, Beijing Zhogmin Xinjunlong New Energy Technology Company Ltd., and NIGUS International, a Nigerian firm, have signed a $1 billion agreement to fund and develop gas flaring solutions for Nigeria.
The News Agency of Nigeria (NAN) reports that the signing ceremony took place on Friday in Abuja in response to a national directive from President Bola Tinubu.
The deal is poised to help Nigeria put an end to gas flaring, ushering the nation into the world of Green Sustainable Energy Production.
During the agreement signing, HRH Malik Ado Ibrahim, the Chief Executive Officer and Chairman of NIGUS, stated that the partnership with the Chinese company aimed at incorporating its new state-of-the-art technology to convert flared gas for commercial use.
This innovative technology, he mentioned, will create Gas-to-Liquid (GTL) solutions (synthetic diesel to bolster the energy mix), Liquefied Natural Gas (LNG) for export, and Liquefied Petroleum Gas (cooking gas), among other applications.
NAN reported that GTL technology is a process that converts natural gas, one of the cleanest burning fossil fuels, into high-quality liquid fuels such as gasoline, jet fuel, and diesel.
