Firm Set To Acquire $1.6bn Vessels

The Nigerian Liquefied
Natural Gas said it has concluded plans to acquire six new vessels to beef up its fleet.
The General Manager, Shipping, Temilola Okesanjo, who disclosed this to newsmen said the vessels meant to support the upgrade of LNG fleet would cost the company about $1.6billion.
According to him, the agreement which was sealed in 2013 between Nigeria LNG, Sumsung Heavy Industries for Bonny Gas Transport (BGT) is to ensure supplies of liquefied natural gas to buyers around the world.
Okesanjo explained that the present eight vessels in the inventory of NLG were acquired in the 80s, and noted that they had almost reached their full life span.
He explained that one of those elements include  feasibility studies for a dry dock facility at Badagary in Lagos State.
The general manager (Shipping), who disclosed proposed plan to construct a modern ship repair yard in Nigeria, said together with Hyundai Heavy industries and Samsung Heavy Industries Ltd, NLNG has conducted studies to determine the economic viability of having a dockyard in Lagos.
According to him, the company considers Nigerian content an important plan as a condition precedent to Final Investment Decision (FID).
He said, “by maximizing Nigerian participation, projects result in significant local content, engendering technology transfer and development.”
He further stated that the company intends that the improved capabilities of indigenous manufacturers and service providers be enough to service direct and contiguous needs within and outside the industry, and stressed the need for the firm to maintain international standard in its operations.

Chris Oluoh