June 22, 2024

NNPC in discussion with South Korean investors for gas projects

By Our Reporter

The Nigerian National Petroleum Company Limited (NNPC Ltd) on Tuesday gave indication that it had held discussions with a South Korean consortium led by Daewoo E & C on the development of gas projects in Nigeria.

Olufemi Soneye, the chief corporate communications officer of NNPC Ltd, made this public in a release on Tuesday.

According to the release, the discussions held in Seoul, South Korea, on Monday, were 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.

The NNPC said that South Korea, a major destination for Liquefied Natural Gas (LPG) exports and the consortium, in collaboration with the Korean Export-Import Bank, expressed interest in advancing discussions on investing in greenfield and other gas development opportunities.

“The talks will pave the way for the execution of a Memorandum of Understanding (MoU) that will unlock strategic foreign direct investment in line with the President Bola Ahmed Tinubu administration’s policy of making Nigeria a prime destination for global investors,” the statement said.

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

Mr Kyari said the vessel, named Alfred Temile 10, represents a significant stride towards deepening the utilisation of gas in-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 in 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 walks away from biomass as a source of energy. We know this is good and that is why we will continue to support it,” Mr Kyari was quoted in the statement as saying.

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