A $3.5bn methanol plant is planned for Bonny Island
A memorandum signed in Port Harcourt brings a Chinese engineering group in as main financier for a petrochemical project on 500 hectares of community land.
Port Harcourt — Investors have signed a memorandum of understanding for a $3.5 billion petrochemical plant on Bonny Island in Rivers State, BusinessDay reports. The plant is meant to make methanol and other petrochemicals for Nigeria and for export.
Who is involved
- Best Option Chemical Limited, described as a subsidiary of Best Option Petro-Meto of Spain, which will handle regulators, including NNPC, and host communities. Frank Okafor signed for the company.
- CNCEC, a Chinese engineering company, which is expected to provide about 80% of the financing. Lee Edwards signed on its behalf.
- Sene Kalada, a Wari Alabo (house chief) in Bonny, whose 500 hectares of land will host the plant.
The signing was facilitated by the Rivers State Investment Promotion Agency, whose director-general, Chamberlain Peterside, called it "an initial step in the investment process" and said more agreements would follow.
Why Bonny
Bonny, already home to major oil and gas operations including Nigeria LNG, was chosen over Ahoada and Onne mainly for its access to natural gas, the key feedstock. Okafor also cited the planned road link to the island, which would reduce reliance on boats. Feasibility studies are complete, and the promoters say construction could start within nine months. The project is expected to create jobs during construction and operation, though no numbers were given.
Peterside credited improved political stability and confidence in the state's security for the investors' interest.
Source: BusinessDay, reporting by Ignatius Chukwu, 16 October 2026.
