On 27 February 2017, the Federal Government issued a press release announcing the roll-out of the Gas Revolution Industrial Park (GRIP). The GRIP will be developed through a public-private partnership between the Federal Government and a group of international investors.
The GRIP has been designated a tax-free zone and will have fertilizer, methanol, petrochemicals and aluminum plants located therein. Hence, authorized operators carrying on approved activities within the GRIP will be exempt from such taxes as may be determined by the Federal Government.
Operators within the GRIP will benefit from:
- An efficient, cost-competitive and abundant supply of natural gas
- Proximity to a deep-sea port
- Centralized utilities
- Services, such as uninterrupted power, world-class telecommunications and processed water.
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