Nigeria has signed a Memorandum of Understanding (MoU), with an Israeli firm, DOR Group of companies on methanol production technology.
Dr Ogbonnaya Onu, Minister of Science and Technology signed the MOU on Wednesday in Abuja, as a decisive step toward implementing the methanol production technology.
Prof. Vincent Asor, Chief Operating Officer, signed on behalf of DOR Group of Israel.
The Deputy Chief of Mission, Embassy of the state of Israel, Mr Yotam Kreiman and Florence Osuji, Senior Economic Officer, witnessed the event.
Mr Mohammed Abdullahi, Minister of state for Science and Technology, who spoke after the signing, said the Federal Government was determined to execute the terms of the agreement.
Abdullahi said the signing of the MoU would change the fortunes of Nigeria significantly.
According to him, the methanol technology shall expand the chemical industry value-chain, replacing kerosene as household cooking fuel, and contribute to efficient and effective transportation.
He added that other advantages of the methanol production technology was to mitigate climate change and improve electricity generation.
Abdullahi further said the policy would create an enabling environment for more investment in the oil and gas sector and bring about an end to gas flaring in Nigeria.
In his remarks, Asor gave the assurance that DOR Group of companies shall do its best to fulfil its own side of the agreement.
He also said that quality and efficient engineering for which Israeli firms were known for would be brought to bear in the implementation of the agreement.