Why NNPC Ltd wooed South Korean investors for gas projects

By Chioma Obinagwam

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

The Group Chief Executive Officer of NNPC Ltd, Mr Mele Kyari, led the company’s team to the discussions which held in Seoul, South Korea, Monday.

Confiance News stated that the talks 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.

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 greenfield and other gas development opportunities.

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 Ahmed Tinubu administration’s policy of making Nigeria a prime destination for global investors.

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 Liquefied Petroleum Gas (LPG) Carrier in Ulsan, South Korea, today.

According to the GCEO, the vessel named, Alfred Temile 10, represents a significant stride towards deepening the utilization of gas in-country and growing gas revenues.

“It is great that Temile Development Company is able to complete the construction of the 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 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.