Business

NNPC, South Korea In Talks Over Investments In Nigeria’s Gas Sector

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

The discussions, which were held in Seoul, South Korea, 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.

This information was revealed in a statement by the Chief Corporate Communications Officer of the NNPC, Olufemi Soneye, on Tuesday.

South Korea is a major destination for Liquefied Natural Gas (LPG) 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 statement said.

“The talks 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 Tinubu administration’s policy of making Nigeria a prime destination for global investors,” it stated.

Meanwhile, the Group Chief Executive Officer of the NNPC, Mele 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 LPG Carrier in Ulsan, South Korea on Tuesday.

According to the GCEO, 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 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 added.

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 in the country.

Emmanuel Addeh 

Follow us on:

AriseNews

Recent Posts

Federal Government Reinstates Ikechebelu as Acting Vice-Chancellor of UNIZIK

The federal government has reinstated Professor Joseph Ikechebelu as acting Vice-Chancellor of UNIZIK, nullifying Professor…

47 mins ago

Court Of Appeal Nullifies Judgment Blocking Voter Register Release For Rivers LG Polls

Court of Appeal has overturned the Federal High Court ruling barring INEC from releasing voter…

50 mins ago

Kenya Cancels Adani Contracts as US Prosecutors Charge Tycoon with Fraud

Kenya has cancelled airport and energy deals with Adani following US bribery and fraud charges…

57 mins ago

Brazil’s Former President Bolsonaro, 36 Others Indicted Over Alleged Coup Attempt In Brazil

Brazil’s former president Bolsonaro and 36 others have been indicted for allegedly attempting a coup…

59 mins ago

Republican David McCormick Triumphs As Democrat Sen. Bob Casey Concedes After Recount

Republican David McCormick won Pennsylvania Senate seat as Democratic Sen. Bob Casey concedes after recount…

1 hour ago

Trudeau Announces Temporary Tax Relief and Cheques Amid Rising Living Costs

Trudeau's government has announced plans for temporary tax relief, cheques for Canadians amid rising costs…

1 hour ago