• Monday, February 26, 2024
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Fidelity Bank backs Temile’s project to boost gas supply

Fidelity Bank backs Temile’s project to boost gas supply

Fidelity Bank Plc has said it partly financed the 23,000-cubic-meters ultramodern liquefied petroleum gas (LPG) carrier recently commissioned by Temile Development Company Ltd, an indigenous player in the oil and gas industry.

The vessel, named ‘Alfred Temile 10’, was commissioned at the Hyundai Mipo Dockyard in Ulsan, South Korea, according to a statement.

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Alfred Temile, CEO of Temile Development Company, expressed appreciation for the collaboration and support received from Nigerian National Petroleum Company (NNPC) and other stakeholders for the project.

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He said: “The vessel will bolster the local participation of indigenous maritime players, improve the logistics of LPG supply and increase the availability of LPG for the Nigerian last-mile users.

“This will contribute to the growth of Nigeria’s domestic gas industry while demonstrating the dedication and increasing capabilities of indigenous Nigerian companies in the oil and gas sector.”

Nneka Onyeali-Ikpe, managing director/chief executive officer of Fidelity Bank, said: “This commissioning is a landmark achievement for Nigeria as the vessel would further support the nation’s drive to utilise cleaner energy sources especially as the world transitions to environmental-friendly energy options.

“Fidelity Bank is delighted to facilitate this transaction and we congratulate our amiable customer, Alfred Temile, as well as the good people of Nigeria on this feat.”

According to the statement, Fidelity Bank also partly financed the development of the recently launched Pinnacle Oil and Gas Terminal in Lagos.

“I want to congratulate Alfred for the great feat you have achieved on behalf of our country and we understand that today clean energy is everything because the whole world is transitioning to cleaner fuel. In our country, biomass is the major source of energy, and I know that the efforts we are making collectively and with this effort by Temile Group will enhance that ability to produce cleaner energy in our country,” Mele Kyari, group chief executive officer of NNPC, said.