Groups speaks on constructing large plant for Nigerians to buy cheaper fuel

• LNG Arete Limited and the Presidential Compressed Natural Gas Initiative person inked a memorandum of understanding
• The extremity is to physique a liquefied earthy state (LNG) installation worthy $27.3 cardinal that tin nutrient 7 cardinal modular cubic feet per day
• The inaugural intends to summation backing for CNG infrastructure, summation the proviso of CNG, and unfastened up caller concern prospects

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Presidential Compressed Natural Gas Initiative (PCNGi) and LNG Arete Limited person signed a $27.3 cardinal memorandum of knowing (MoU) to conception a seven-million modular cubic feet per time (mmscfd) liquefied earthy state (LNG) plant.

It is expected that the CNG task volition supply jobs for implicit 100 Nigerians. Photo Credit: Contributor
Source: Getty Images

Michael Oluwagbemi, PCNGi main enforcement serviceman (CEO), said the task aims to boost concern in compressed earthy state (CNG) infrastructure, grow its availability, and make caller opportunities successful the sector.

He said PCNGi is co-investing ($6 million) alongside LNG Arete ($12 million) and the Midstream Downstream Gas Infrastructure Fund nether the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Oluwagbemi said the task volition supply jobs for implicit 100 Nigerians portion accelerating the improvement of CNG infrastructure successful the bluish portion and unafraid a 25 percent equity involvement successful LNG Arete’s seven-thousand modular cubic feet per time (mscfd) mini LNG installation successful Ajaokuta, Kogi state.

Oluwagbemi said the task volition found a cardinal proviso hub for CNG successful bluish Nigeria and beyond wrong 12 to 16 months, ensuring a unchangeable and cost-competitive state proviso for underserved industries and residents.

He said President Bola Tinubu is determined to present affordable proscription programmes by harnessing the country’s abundant state resources to conscionable the increasing request for concern and transport gas, ensuring dependable proviso to end-users.

“Gas is cheaper, it is safer, and much reliable,” helium said.

Oluwagbemi said the LNG, erstwhile converted to CNG, volition powerfulness plants, vehicles, and industries, boosting industrialisation crossed the north, including textiles, agriculture, processing, and manufacturing.

“The logistics, of course, of moving goods and nutrient items from the northbound down to the south, especially, processed and manufactured products, volition besides beryllium cheaper due to the fact that of this project,” helium said.

PCNGi CEO stated that state is cheaper, safer, and much reliable. Photo Credit: Contributor
Source: Getty Images

“And adjacent much importantly, is that adjacent erstwhile the northbound gets piped by earthy state successful a fewer years’ time, this works is inactive going to beryllium precise captious to alteration LNG trucks that tally much efficiently connected LNG, adjacent amended than CNG.“Those LNG trucks volition statesman to determination Nigerian products from Nigeria to Ghana, and to Senegal, ensuring Nigerian products are precise competitory and creating jobs.”

FG plans caller 150 retail stations to bargain cheaper CNG substance

Legit.ng reported that Michael Oluwagbemi, the programme manager and main enforcement of the Presidential Compressed Natural Gas Stations Initiative has announced plans to person nary less than 150 retail stations before the extremity of 2025.

He disclosed this during the groundbreaking ceremonial of 5 mini-liquefied earthy state plants successful Kogi by the Nigerian National Petroleum Company Limited.

He added that the statesmanlike CNG inaugural is hoping to pull millions of dollars successful concern this year.

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Source: Legit.ng