NNPC Wants South Korean Investments in Nigeria’s Gas Sector

Felicitates Temile on acquisition of LPG carrier

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 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, yesterday.

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.