Afreximbank bank will part-finance activities designed to progress the first Floating Liquefied Natural Gas (FLNG) project in Nigeria being developed by UTM Offshore Limited.
As per the deal, a continuation of the support of Afreximbank, which has been leading UTM’s fundraising efforts to secure the necessary investments required for the project’s implementation.
In line with Nigeria’s Petroleum Industry Act (PIA) and global energy transition efforts, UTM Offshore Limited is to carry out the FLNG project in partnership with the Nigerian National Petroleum Corporation (NNPC) and its affiliate, LNG Investment Management Services.
UTM is undertaking the development, design, and construction of an FLNG facility with a Liquefied Natural Gas (LNG) nameplate production capacity of 1.2 million metric tons per annum and a storage capacity of 200,000 cubic meters, as well as ancillary facilities to be located 60-kilometre from the shore of Akwa Ibom State.
The project represents “first” in the African FLNG sector for UTM’s ownership as the intervention aligns with Afreximbank’s strategic aim of advancing activities that boast strong climate finance credentials and accelerate the development of energy transition solutions in line with the reduction of carbon emissions prescribed at COP26.
Tags: Afreximbank, FLNG, Natural Gas, Nigeria, UTM Offshore
Recent Posts
Vedanta Aluminium signs pact with GAIL for supply of natural gas
HMM introduces South Korea’s first LNG-powered vessels
NGEL inks pact with NREDCAP in Andhra for RE projects
Global warming won’t end if net zero is redefined
The Liberian Registry and Korean Register (KR) grant AiP to Samsung
To satisfy decarbonization targets, Big Oil invests billions in the manufacture of biofuel
ISO issues standards for methanol as a marine fuel
Amazon, partners to test electric trucks on a freight corridor in India