In a groundbreaking move, Atlantic Energy & Utility Products Inc have officially entered into a Joint Venture Agreement (JVA) aimed at establishing a state-of-the-art gas processing plant and power generating facility in Bayelsa State.
This strategic partnership, has brought together the expertise and resources of these entities to create a formidable force in the energy sector.
The agreement which was formally signed at a ceremony held recently, marked the beginning of a transformative venture in the oil and gas sector in the country.
According to a statement signed by the parties, the joint venture will operate under the name Obodofei Integrated Services Ltd, focusing on building and operating the gas processing plant and power generating facility while Atlantic Energy and utility products are the primary financiers of the project with a capital investment of $200 million USD.
According to the them , an agreement with their primary partners the Nigerian gas Marketing Company has also been reached, signed and approved to provide gas for the execution of the project.
Furthermore, the partners commended Senator Douye Diri Governor of Bayelsa State and His Prosperity Government for creating the enabling environment for such a magnanimous venture to take place and used the opportunity to also congratulate him on his victory at the recently concluded governorship elections stating that with his peaceful disposition and Prosperity agenda, business ventures will thrive and boost the economy of the state and the gas project is one of such ventures.
It could be recalled that during the ground breaking ceremony that took place recently, stakeholders from the Niger Delta and youths applauded The Partners for citing the project in Bayelsa state.