Bayelsa Government Pushes for Stake in $3.5bn Petrochemical Project

Bayelsa State government, led by Governor Douye Diri, seeks an equity stake in the $3.5 billion Brass Fertiliser and Petrochemical Project on Brass Island. Governor Diri expressed the state's interest in being a partner in the project during a meeting with the management team of the company.

The government's request for a stake in the project stems from concerns about being excluded from the benefits of the Petroleum Industry Act (PIA). Governor Diri highlighted the need for Bayelsa to have a role in the project's progress to address the negative impact of the PIA's provisions on the state and local communities.