UTM Offshore, Afreximbank sign $2bn MoU for Nigeria s first floating LNG project quicknews-africa.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from quicknews-africa.net Daily Mail and Mail on Sunday newspapers.
UTM Offshore Limited, a Nigerian maritime and services company, and the African Export-Import Bank (Afreximbank) signed a Memorandum of Understanding in Abuja on Tuesday to raise $5 billion to establish a Floating Liquefied Natural Gas (FLNG) undertaking in Nigeria. | Pulse Nigeria
By Emmanuel Addeh
An indigenous firm, UTM Offshore Limited, has signed a deal with Japan Gas Corporation (JGC), a leading international Engineering Design, Procurement and Construction (EPC) firm, to establish a Floating Liquefied Natural Gas (FLNG) facility, the first of its kind in Nigeria.
This followed the issuance of licence by the Department of Petroleum Resources (DPR) to establish the FLNG facility.
UTM Offshore Limited took a major step to actualise the project yesterday, signing virtually, a landmark preliminary front end engineering design (Pre-FEED) agreement with JGC.
According to the agreement, the Pre-FEED scope would be completed within four months from commencement date.