LAGOS DECEMBER 21ST (URHOBOTODAY)-Delta State Government, Nigerian National Petroleum Company Limited and UTM Offshore Limited have signed a shareholders agreement for the development of the first Floating Liquefied Natural Gas in Nigeria.
This is according to a statement issued by the Delta State Ministry of Information on Wednesday.
According to the statement, the Secretary to the State Government, Dr Kingsley Emu, and Solicitor General and Permanent Secretary, Ministry of Justice, Mr Omamuzo Erebe, signed for the Delta State Government while the Group Chief Executive Officer, Mr. Mele Kyari, and Group Managing Director, Julius Rone, signed for NNPCL and UTM Offshore respectively.
With the agreement, Delta state government is to own an eight per cent share of the project, NNPC Limited 20 per cent and UTM Offshore 72 per cent.
Speaking at the signing ceremony at the NNPC Towers in Abuja, Delta State Governor, Sheriff Oborevwori, noted that “the UTM FLNG Project was the first of its kind to be developed by an indigenous private company in Nigeria”.
Oborevwori explained that “the state government took eight per cent equity in the floating LNG project because of its conviction of the strategic importance of the project to the national economy”.
He said, “Of particular interest to Delta State Government is the dividend that this UTM FLNG will generate, thus advancing the socio-economic development of our great state. It is expected that over 300,000 metric tonnes of LPG (cooking gas) will be produced and dedicated to the domestic market.
In his remarks, the Group CEO of NNPCL, Mr. Mele Kyari, commended the Delta governor for not just being a promoter of gas development in the country but for also investing in gas projects.
BluePrint
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