NNPC Ltd courts South Korean investors for gas projects, celebrates Temile Devt. Company's LPG Carrier acquisition

Officials of the two parties after the meeting in Seoul

The Nigerian National Petroleum Company Limited (NNPC Ltd) has recently held talks with a South Korean consortium led by Daewoo E & C regarding the development of gas projects in Nigeria.

This collaboration aims to explore opportunities in the liquefied natural gas (LNG) sector, which is a significant part of Nigeria's energy strategy.

NNPC Ltd is a dynamic global energy company with businesses and operations across the entire spectrum of the energy value chain.

The company has been actively working on various gas projects to provide clean, affordable, and reliable energy to alleviate energy poverty and ensure national energy security.

The recent engagement with the Daewoo consortium is part of NNPC Ltd's efforts to attract international interest and investment in the Nigerian energy sector

This collaboration is expected to deepen discussions on LNG development and contribute to Nigeria's gas projects, providing the infrastructural foundation needed for the country's energy future

The discussions, which held in Seoul, South Korea, yesterday (January 29, 2024) 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.

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 greenfield and other gas development opportunities.

The talks, according to a press release signed by Olufemi O. Soneye, Chief Corporate Communications Officer, NNPC Ltd, will pave 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.

Kyari has also 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, today, the press release disclosed.

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

“It is great that Temile Development Company is able to complete the construction 23kt LPG vessel. This will go a long way in improving access to LPG in the domestic market and provide cleaner fuel in our country. Nigeria’s objective is to ensure that everyone has access to clean energy and particularly walk away from bio-mass as a source of energy. We know this is good and that is why we will continue to support it.”

He further 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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