The Nigerian National Petroleum Company Limited (NNPC Ltd.) has engaged in discussions with a South Korean consortium led by Daewoo E & C on the development of gas projects in Nigeria. The aim of these talks is to deepen NNPC Ltd.’s efforts to become a supplier of clean and affordable energy to the global market.
The Group Chief Executive Officer (GCEO) of NNPC Ltd., Mele Kyari, held the discussions in Seoul, South Korea, stating that South Korea is a major destination for Liquefied Natural Gas (LNG) exports. The discussions with the consortium are expected to lead to the execution of a Memorandum of Understanding (MoU) that will facilitate strategic foreign direct investment, aligning with the administration’s policy to make Nigeria a prime destination for global investors.
In collaboration with the Korean Export-Import Bank, the consortium has expressed interest in advancing discussions on investing in greenfields and other gas development opportunities.
Kyari also commended Temile Development Company, an indigenous player in the gas sector, for commissioning its 23,000-cubic-metres ultra-modern Liquefied Petroleum Gas (LPG) Carrier in Ulsan, South Korea. The vessel, named Alfred Temile 10, represents a significant stride towards deepening the utilization of gas in-country and growing gas revenues.
He praised the completion of the vessel, stating, “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 provide cleaner fuel in our country. Nigeria’s objective is to ensure that everyone has access to clean energy and particularly walk away from biomass as a source of energy. We know this is good, and that is why we will continue to support it.”
Kyari also revealed that NNPC Ltd., in collaboration with its partner West Africa Gas Ltd. (WAGL), is building its own vessels to boost LPG supply in Nigeria with the intention of saturating the market.
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