The Viva Methanol Plant with a 2.5 million metric tonnes capacity per annum is planned to be the world's largest single-line facility. This means a major increase in the profitable exploitation of Nigeria's gas resources.
The $2.5 billion Viva Methanol Plant is one of several industries planned for the Lagos integrated petrochemical industrial park, part of the Lekki Export Processing Zone.
The plant, a joint venture between the federal government, the Lagos state government and Enrochem Technologies Corp of Singapore, is expected to start production in 2004.
It will utilise 220 million cubic feet of gas daily, of Nigeria's enormous gas reserves estimated at up to 158 trillion cubic feet (4.474 trillion cu metres).
Officials said the project will save Nigeria $235 million in capital flight and generate some $350 million in revenues annually.
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