Revealed! FG commissions first modular LPG extraction plant

2 weeks ago 10

Nigeria's archetypal modular LPG extraction installation and a 20 megawatt gas-to-power task person been enactment into work by FG
The curate of authorities for petroleum resources stated that the projects were a large turning constituent successful the nation's state industry
He besides emphasized the worth of assemblage practice and the prudent usage of disposable resources

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

The national authorities has commissioned Nigeria’s archetypal modular Liquefied Petroleum Gas (LPG) extraction works and a 20-megawatt gas-to-power project.

The projects were commissioned by the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo astatine the Otakikpo tract successful Rivers State.

In a station connected his authoritative X account, the curate said the projects were developed by Green Energy and Lekoil Joint Venture (JV), marking a important milestone successful the country’s state sector.

The recently inaugurated projects are expected to boost Nigeria’s home state utilisation, heighten vigor access, and lend to economic growth successful the region.

Before the authoritative commissioning, the JV absorption led the curate connected a circuit of cardinal facilities, including the powerfulness plant, LPG extraction plant, Early Production Facility (EPF), and a onshore terminal – the archetypal to beryllium built by an autarkic institution successful Nigeria.

Commending the JV for its businesslike execution of the projects, Ekpo highlighted the strategical usage of section resources and the value of assemblage collaboration. He besides acknowledged the peaceful coexistence betwixt the big communities, accepted rulers, and the operating companies, which contributed to the timely completion of the projects.

“These projects volition make opportunities for a robust state economy, supply energy for the communities, make jobs for youths, and connection different benefits aligned with President Bola Tinubu’s Renewed Hope Agenda for the country,” Ekpo added.

The commissioning ceremonial was attended by cardinal authorities officials, including the Permanent Secretary of the Ministry of Petroleum Resources, Ambassador Nicholas Agbo Ella.

They were received by the JV’s leadership, comprising Prof. Anthony Adegbulugbe, Chairman of Green Energy International, and Mr. Olalekan Akinyanmi, Chief Executive Officer of Lekoil.

The national authorities besides pledged to summation the gait of citizens’ entree to cleanable cooking from an initially projected trajectory of 22 per cent per twelvemonth to 25 per cent annually.

The terms of liquefied earthy state (LPG), besides known arsenic cooking gas, has once again been reduced, according to a marketplace survey by Legit.ng.

Nigerians person besides taken to societal media to stock the caller prices astatine which dealers are selling cooking gas, expressing a suspiration of relief.

FG generates implicit $500m successful investments

Legit.ng reported that the Nigerian authorities said it made implicit $500 cardinal successful investments from January to October 2024 from the fiscal incentives introduced to boost the country's entree to CNG, LPG and LNG.

The Special Adviser to President Bola Tinubu connected Energy, Olu Verheijen, disclosed this connected Monday, October 28, 2024, during the session's opening astatine the ongoing Oil Trading & Logistics Africa Downstream Energy Week successful Lagos.

She said the incentives included waivers connected import duties and VAT connected the merchantability and organisation of LNG, CNG, LPG, and associated equipment.

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Source: Legit.ng

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