The 700-ton-per-day Liquefied Natural Gas (LNG) project by BUA Group is expected to create jobs and foster economic growth in the country as it aligns with the Nigerian government’s decade of gas commitment.
BUA Group, one of Africa’s largest industrial conglomerates, signed an agreement with CIMC ENRIC, a global leader in the energy equipment industry, to establish the mini LNG project in the country.
The agreement was signed on Monday, December 18, 2023, at the BUA headquarters in Lagos, Nigeria.
Speaking on this landmark project, Abdul Samad Rabiu, the chairman of BUA Group, said that BUA remains dedicated to utilising cleaner, energy-efficient sources for its operations across Nigeria in line with its short-to-long-term ESG commitments and sustainability initiatives.
He added that while BUA already utilizes gas as a major energy source across its over 1,000MW captive power plants used for its operations across Nigeria, the mini LNG project on completion, will enhance all-year availability of cleaner energy and support BUA’s growing industrial power demands.
According to Statista, natural gas demand in Nigeria in 2022 reached around 12.12 billion standard cubic meters (428.01 billion standard cubic feet). This increased from approximately 10.11 billion standard cubic meters in the preceding year.
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Meanwhile, with six trains, the Nigeria terminal has an LNG production capacity of 21.9Mtpa (million tons per annum), which is expected to increase to 29.9Mtpa by 2030.
“We are excited about the prospects of this project and look forward to a fruitful collaboration with CIMC ENRIC,” he added.
This partnership bridges BUA Group’s expansion into the energy sector and reaffirms its commitment to sustainable energy solutions across its business operations.
In a statement seen by BusinessDay, the agreement was signed by management representatives of BUA and CMIC ENRIC, underscoring the project’s anticipated impact on the regional energy landscape in line with the Nigerian Government’s push to diversify its energy commitments.
“BUA Group remains committed to investing in cutting-edge technology and infrastructure that benefits not only its operations but also the communities it serves,’ the statement read.
