A group of foreign investors have presented the prototype of Nigeria’s inaugural Floating Liquefied Natural Gas (FLNG) facility to President Bola Ahmed Tinubu (GCFR).
The Presentation took place during a meeting between Mr. Julius Rone and President Bola Ahmed Tinubu in Abuja.
The Investors include Julius Rone, the Group Managing Director (GMD) of UTM, the Managing Director (MD) of Japan Gas Company (JGC), and the Senior Vice President of Technip.
Addressing the Investors,
President Bola Ahmed Tinubu expressed full support for the $5 billion floating Liquefied Natural Gas (LNG) project in the Country.
He assured of his commitment to providing the necessary backing for the project, emphasising its alignment with his administration’s objective of reviving the Economy and generating employment opportunities.
Speaking with Reporters, the Leader of the delegation, Julius Rone, highlighted key details about the project, explaining that the multi-floating LNGs would be implemented with a $5 billion loan from AFRIEXIM Bank.
Rone commended President Tinubu’s assurance of complete support, stressing that the project will contribute to economic revitalisation and create job opportunities.
The collaboration between UTM, JGC, and Technip Energies Limited had previously initiated the Front End Engineering Design (FEED) for the FLNG facility.
Attendees include; the Ambassador of France to Nigeria – Ms. Emmanuelle Blatmann, the Deputy Ambassador of Japan to Nigeria – Ms. Hiromi Otuski, the MD of JGC – Naoki Noguchi and Sadeeq Mai Bornu – Project Advisor.
Among the President’s team were Chief of Staff – Femi Gbajabiamila and Special Adviser on Media and Special Duties, Dele Alake.
The project, which can produce 300,000 tons of Liquefied Petroleum Gas (LPG) annually, is expected to generate 7,000 direct job opportunities for Nigerians.
The floating LNG project is expected to commence operations in the first quarter of 2026.
Once the construction is complete, the facility will possess an LNG nameplate production capacity of 1.2 million metric tons per annum, alongside a storage capacity of 200,000 cubic meters while Ancillary facilities will be strategically located 60 kilometres off the shore of Akwa Ibom State.