AGPC raises $260mn to fund completion of gas processing plant in Nigeria

The ANOH Gas Processing Company (AGPC) has successfully raised $260 million in debt to fund the completion of the AGPC Gas Processing Plant in Nigeria. The company, established by the Nigerian Gas Company and Seplat Petroleum Development Company on a 50-50 basis, is part of the seven critical projects that the Nigerian government aims to deliver. The CEO of Seplat, Roger Brown, shared insights during an interview with CNBC Africa's Wole Famurewa, highlighting the significance of the project and the partnership involved. Brown emphasized the importance of transitioning from diesel to gas for power generation in Nigeria and the positive impact it would have on the environment and the economy. The AGPC project, a 300-million-scuff gas plant, aims to provide cleaner gas to power approximately 5 million Nigerians, reducing emissions and promoting industrial growth. Brown noted that while Nigeria is not a major carbon emitter globally, the country is taking steps to reduce its carbon footprint and provide sustainable energy solutions to its rapidly growing population. The partnership between NNPC, Seplat, and NGC plays a crucial role in enabling projects like AGPC, demonstrating the success of collaboration between government and private sectors. Seplat's focus on developing indigenous companies and fostering partnerships highlights a sustainable model for growth and progress in the Nigerian energy sector. Brown also provided insights into other gas development projects, including the expansion and upgrades at existing plants like Sapele and Oben, aimed at increasing efficiency and diversifying product offerings such as LPG and compressed natural gas. As Seplat continues to balance its earnings between gas and oil, Brown emphasized the long-term stability and lower risk profile of the gas business, outlining the strategic importance of transitioning towards cleaner energy sources for a sustainable future.