Nigeria’s gas fund secures N1.6trn private investment to boost infracstructure
In a major boost to the country’s energy transition goals, the Midstream and Downstream Gas Infrastructure Fund (MDGIF) has secured read more Nigeria’s gas fund secures N1.6trn private investment to boost infracstructure
NIPCO Group is set to undertake a $3 billion Floating Liquefied Natural Gas (FLNG) project to enhance gas monetisation and supply in Nigeria. This project will mark NIPCO's entry into the Liquefied Natural Gas sector, complementing its commitment to developing and monetising the nation's natural gas resources. A feasibility study is currently underway to determine the project's technical and commercial requirements.
Once completed, NIPCO Gas Ltd. Managing Director Mr. Nagendra Verma will provide the final investment requirement and location of the proposed facility. The project will involve an FLNG facility and associated marine and export infrastructure, potentially serving both international LNG markets and Nigeria's increasing domestic LNG demand.
The estimated LNG production capacity is about three million tonnes annually, though it is subject to feasibility studies and project economics. The company's strategic plan also includes leveraging relationships with NNPC and NNGM to secure feed gas and forming partnerships with international technology providers. This FLNG project aligns with NIPCO's strategy to expand beyond downstream operations and broaden its presence across the gas value chain.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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