Foreign Investors Unveil Prototype of Nigeria’s First Floating LNG Facility to President Tinubu
A group of foreign investors, including Julius Rone, the Group Managing Director (GMD) of UTM, the Managing Director (MD) of Japan Gas Company (JGC), and the Senior Vice President of Technip, have presented the prototype of Nigeria’s inaugural Floating Liquefied Natural Gas (FLNG) facility to President Bola Ahmed Tinubu (GCFR).
PulseNets reports that the collaboration between UTM, JGC, and Technip Energies Limited had previously initiated the Front End Engineering Design (FEED) for this FLNG facility.
This newspaper understands that once the construction is complete, the facility will possess an LNG nameplate production capacity of 1.2 million metric tons per annum, alongside a storage capacity of 200,000 cubic meters. Ancillary facilities will be strategically located 60 kilometres off the shore of Akwa Ibom State.
The presentation took place during a meeting between Mr. Julius Rone and President Bola Ahmed Tinubu. Attendees included Ms. Emmanuelle Blatmann, the Ambassador of France to Nigeria; Ms. Hiromi Otuski, the Deputy Ambassador for Japan to Nigeria; Naoki Noguchi, the MD of JGC; and Mr. Sadeeq Mai Bornu, Project Advisor.
Among the president’s team were Chief of Staff Femi Gbajabiamila and Special Adviser on Media and Special Duties Dele Alake.
President Bola Ahmed Tinubu expressed full support for the $5 billion floating Liquefied Natural Gas (LNG) project in the country.
He conveyed his commitment to providing the necessary backing for the project, emphasising its alignment with his administration’s objective of reviving the economy and generating employment opportunities.
Julius Rone, the leader of the delegation, spoke to reporters after the meeting, highlighting key details about the project. He disclosed that the multi-floating LNGs would be implemented with a $5 billion loan from AFRIEXIM Bank. Rone also shared President Tinubu’s assurance of complete support, as the project contributes to both economic revitalisation and job creation.
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The project, which can produce 300,000 tons of Liquefied Petroleum Gas (LPG) annually, is expected to generate 7,000 direct job opportunities for Nigerians.
The floating LNG project is expected to commence operations in the first quarter of 2026.
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