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President Bola Ahmed Tinubu GCFR has given his support to the execution of the first floating Liquefied Natural Gas (FLNG) project in Nigeria
He also assured Nigerians that the development would soon become a reality.
President Tinubu gave the assurance in Abuja on Wednesday, when he received the team of developers of the project at the Presidential Villa.
Leader of the delegation, Julius Rone, disclosed this in an interview with State House Correspondents at the end of the visit.
He said this is the first time an indigenous company was taking on such a project, adding that their meeting with the President was very fruitful.
“I am here with our technical partners from France and Japan. We are developing the first floating LNG in Nigeria in conjunction with the National Petroleum Company Limited –NNPCL.
“This is the first time an indigenous company from Africa is taking on such a project. We have just gotten one of our best days in our transactions. The President has given us all the assurances and full support for this project.
“We are excited because the President spoke very well on the need to develop our gas resources and he believes in the floating LNG technology and he assured us that there will be no stone left unturned to enable us deliver this project as planned and on schedule,” he said.
He further disclosed that when completed, the project will generate three hundred thousand tons of LPG per annum as well as create seven thousand jobs for Nigerians.
“This project has the capacity to deliver 300, 000 tons of LPG per-annum to support the domestic requirement of LPG. That is 25 percent of the requirements of PLG in this country.
“That will save the environment from deforestation and on the part of job creation; this project has the ability to create 7000 jobs for Nigerians. Many Nigerians are already working in various parts of the world on the engineering aspect of it. On the local content part, we are working with the Nigerian Content Development Board to ensure that citizens are trained on how to manage and operate the plant when it becomes operational. So, we believe that this will support job creation in line with the President’s objective to create jobs and monetize our gas resources,” he added.
Julius Rone also disclosed that Afreximbank is facilitating the financing of the project with financial closure envisaged for Q4 2023.
A Nigerian gas company is leading plans to set up the first Floating Liquefied Natural Gas (FLNG) facility in Nigeria to boost production and crash the cost of gas for domestic, auto and industrial use in the country.
The facility, which will be the first of its kind in Nigeria, also aims to leapfrog the national economy by producing an annual 1.5 million tons of Liquefied Natural Gas (LNG) for export.
The FLNG facility will be anchored offshore in Akwa Ibom State in about 60m water depth.