The Nigerian National Petroleum Company Limited (NNPC Ltd) recently held discussions with a South Korean consortium led by Daewoo E & C on the development of gas projects in Nigeria.
The NNPC noted that the discussions with the South Korean consortium were part of its efforts to tap into Nigeria’s vast gas resources and become a global supplier of clean and affordable energy.
As a major importer of liquefied natural gas (LNG), South Korea presents a significant opportunity for Nigeria’s gas sector. The consortium, along with the Korean Export-Import bank, has indicated its desire to further explore the possibilities for investing in new gas development projects in Nigeria.
The discussions between the NNPC and the South Korean consortium could lead to the signing of a Memorandum of Understanding (MoU), which would open the door for strategic foreign direct investment in Nigeria’s gas sector.
As part of the talks, Mele Kyari, the group chief executive officer of the NNPC, has congratulated Temile Development Company, a Nigerian company involved in the gas sector, on the launch of its new 23,000 cubic meter liquefied petroleum gas (LPG) carrier in Ulsan, South Korea.
According to Kyari, the new vessel, named the Alfred Temile 10, is a significant step towards expanding the use of gas in Nigeria and increasing gas revenues. The vessel is expected to boost Nigeria’s gas export capacity, and will play a vital role in meeting the country’s goal of increasing its share of the global LPG market.
He said,“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.”
The NNPC CEO further revealed that the company, along with its partner West Africa Gas Ltd (WAGL), is in the process of building its own LPG vessels, which will increase LPG supply in Nigeria and help to saturate the market.