HighlightOil & Gas

Bouyed by Pres. Tinubu’s economic policies, NNPC Ltd. woos South Korean investors for gas projects

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Driven by the need to expand the scope of its Liquified Natural Gas (LNG) to the local and international markets, the Nigerian National Petroleum Company Limited (NNPC Ltd) has held talks with a South Korean consortium led by Daewoo E & C.

The meeting, which was held in Seoul, South Korea, on Monday, was aimed at deepening NNPC Ltd.’s drive to tap into the nation’s vast gas resources to be a supplier of clean and affordable energy to the global market.

According to a statement from Mr. Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, on Tuesday, “the talks will pave the way for the execution of a Memorandum of Understanding (MoU) that will unlock strategic foreign direct investment.”

He said: “South Korea is a major destination for Liquefied Natural Gas exports, and the consortium, in collaboration with the Korean Export-Import Bank, has expressed interest in advancing discussions on investing in greenfields and other gas development opportunities.”

He said President Bola Tinubu’s mandate of making Nigeria a prime destination for global investors, which he has exemplified by rolling out policies for ease of doing business, played a major factor in the proposed gas partnership.

The Group Chief Executive Officer of NNPC Ltd., Mele Kyari, has also congratulated Temile Development Company, an indigenous player in the gas sector, on the commissioning of its 23,000-cubic-metre ultra-modern Liquefied Petroleum Gas (LPG) Carrier in Ulsan, South Korea, today.

According to the GCEO, the vessel named Alfred Temile 10 represents a significant stride towards deepening the utilisation of gas in the country and growing gas revenues.

“It is great that Temile Development Company is able to complete the construction of the 23KT LPG vessel. This will go a long way towards improving access to LPG in the domestic market and providing cleaner fuel in our country.

“Nigeria’s objective is to ensure that everyone has access to clean energy and, particularly, walk away from biomass and particularly walk away from biomass as a source of energy. We know this is good, and that is why we will continue to support it.”.

He disclosed that NNPC Ltd., alongside its partner, West Africa Gas Ltd. (WAGL), was building its own vessels, which will boost LPG supply in Nigeria with a view to saturating the market.

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