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 deal which is monumental to Nigeria will help to end gas flaring and introduce Nigeria into the world of Green Sustainable Energy Production.
Speaking at the agreement signing, HRH Malik Ado Ibrahim, Chief Executive Officer and Chairman of NIGUS, said the partnership with the Chinese company was aimed at imbibing its new state-of-the-art technology profile to convert flared gas for commercial use.
This new technology, according to him, will create Gas-to-Liquid (GTL), (synthetic diesel to galvanise energy mix), Liquefied Natural Gas (LNG) for export and Liquefied Petroleum Gas (cooking gas), among others.
GTL technology is a process that converts natural gas, the cleanest burning fossil fuel to high-quality liquid fuels such as gasoline, jet fuel and diesel.
“The joint venture is about NIGUS, as a renewable energy company, joining forces with the technology that allows us to bring a clean climate economy to Nigeria and create value from what we are wasting at the moment to generate lower pricing energy.
“We seem not to be contributing to the carbon footprint, we flare a lot of our gas, 90 per cent of what we produce in Nigeria is being flared, not utilising the gas.”