‘To unlock FDI’ — NNPC in talks with S’Korean consortium to develop gas projects

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

The discussion, according to a statement by Olufemi Soneye, NNPC chief corporate communications officer, was held in Seoul, South Korea, on Monday.

Soneye said the conversation was targeted at solidifying NNPC’s drive to tap into the country’s vast gas resources “to be a supplier of clean and affordable energy to the global market”.

“South Korea is a major destination for Liquefied Natural Gas exports and the consortium, in collaboration with the Korean Export-Import Bank, has expressed interest in advancing discussions on investing in greenfields and other gas development opportunities,” NNPC said. 

“The talks will pave the way for the execution of a Memorandum of Understanding (MoU) that will unlock strategic foreign direct investment in line with the President Bola Ahmed Tinubu administration’s policy of making Nigeria a prime destination for global investors.”

Mele Kyari, group chief executive officer, NNPC, also congratulated Temile Development Company, a local player in the gas sector, on the commissioning of its 23,000-cubic-metres ultra-modern liquefied petroleum gas (LPG) carrier in Ulsan, South Korea, on Tuesday.

According to Kyari, the vessel, named Alfred Temile 10, is a noteworthy advancement in expanding domestic gas usage and augmenting gas earnings.

“It is great that Temile Development Company is able to complete the construction of 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,” he said

“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 said NNPC and its partner, West Africa Gas Ltd. (WAGL), are building their own vessels, which he said will bolster LPG supply in Nigeria to saturate the market.