NNPC EXTENDS INVITATION TO ATTRACT SOUTH KOREAN INVESTORS FOR GAS PROJECTS
The Nigerian National Petroleum Company Limited (NNPC Ltd) engaged in discussions with a South Korean consortium led by Daewoo E & C regarding the development of gas projects in Nigeria.
The talks, conducted in Seoul, South Korea, yesterday, focused on furthering NNPC Ltd.’s efforts to harness the country’s extensive gas resources and become a provider of clean and affordable energy to the global market
South Korea stands as a primary destination for Liquefied Natural Gas (LNG) exports, and the consortium, in collaboration with the Korean Export-Import Bank, has indicated interest in advancing discussions regarding investments in greenfield and other gas development opportunities.
These discussions will pave the way for the formalization of a Memorandum of Understanding (MoU), facilitating strategic foreign direct investment in alignment with the administration’s policy under President Bola Ahmed Tinubu to position Nigeria as a premier destination for global investors.
Mr. Kyari has also conveyed congratulations to Temile Development Company, a local player in the gas sector, for the commissioning of its 23,000 cubic meters ultra-modern Liquefied Petroleum Gas (LPG) Carrier in Ulsan, South Korea today.
The Group Chief Executive Officer stated that the vessel, named Alfred Temile 10, marks a significant step in enhancing the utilization of gas domestically and boosting gas revenues.
“It is noteworthy that Temile Development Company has successfully completed the construction of the 23kt LPG vessel. This will significantly enhance access to LPG in the domestic market, providing a cleaner fuel source in our country. Nigeria’s objective is to ensure universal access to clean energy.
Specifically, we are not distancing ourselves from biomass as an energy source. We recognize its benefits, and that’s why we will persist in our support for it.
He revealed that NNPC Ltd, in collaboration with its partner West Africa Gas Ltd (WAGL), is in the process of constructing its vessels. This initiative aims to enhance Liquefied Petroleum Gas (LPG) supply in Nigeria, ultimately with the goal of saturating the market.
Source: Techeconomy
