• Sunday, December 10, 2023
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Tinubu backs $5b floating LPG project

Tinubu proposes N2tn recapitalisation of Discos, tariff review

President Bola Tinubu has given his nod to the French and Japanese firm of UTM FLNG, TECHNIP Energies and JGC Corporation to develop floating Liquified in Nigeria

The President gave the backing when he received the promoters of the joint venture partners made up of UTM FLNG, TECHNIP Energies and JGC Corporation in his office at the Presidential Villa, Abuja.

Speaking with State House Journalists after the meeting with the President, leader of the delegation and Group Managing Director (GMD) of UTM FLNG, Julius Rone, revealed that the multi-floating LNGs are being implemented with a $5 billion loan from AFRIEXIM Bank.

He said Tinubu has assured that his administration would provide full support for the project because it fits into his programme to revive the economy and provide more jobs.

Rone revealed that the project has the capacity to produce 300,000 tons of LPG per year and would provide 7,000 direct jobs for Nigerians.

He said it was the first time in Nigeria that an indigenous company would be involved in such project that would contribute to decarbonization.

According to him, it would be the first floating LNG project in Nigeria and expected to come on stream in the first quarter of 2026.