The Nigerian National Petroleum Company Limited (NNPC Ltd) has engaged in discussions with a South Korean consortium, led by Daewoo E & C, focused on advancing gas projects in Nigeria. The talks, held in Seoul, South Korea, aim to strengthen NNPC Ltd.’s commitment to harnessing Nigeria’s extensive gas resources to become a major supplier of clean and affordable energy globally.
Recognizing South Korea as a significant destination for Liquefied Natural Gas (LNG) exports, the consortium, in collaboration with the Korean Export-Import bank, has shown interest in exploring investments in greenfield projects and other gas development opportunities. The discussions are anticipated to lead to the execution of a Memorandum of Understanding (MoU), fostering strategic foreign direct investment aligned with the President Bola Ahmed Tinubu administration’s efforts to position Nigeria as a prime destination for global investors.
Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd, highlighted the importance of these talks in unlocking significant foreign investments and promoting Nigeria as a key player in the global energy market.
Simultaneously, the Group Managing Director of NNPC Ltd, Mele Kyari, extended congratulations to Temile Development Company, an indigenous player in the gas sector, for the commissioning of its 23,000 cubic meters ultra-modern Liquefied Petroleum Gas (LPG) Carrier in Ulsan, South Korea. Kyari commended the achievement as a crucial step in advancing gas utilization within the country and enhancing gas revenues.
Speaking on the development, Kyari affirmed NNPC Ltd’s commitment to supporting similar initiatives, stating that the company, in partnership with West Africa Gas Ltd (WAGL), is actively involved in constructing vessels to bolster LPG supply in Nigeria, with the goal of meeting the growing market demand.
