Bank Signs N4bn Deal On Egboama Gas Plant Project

Authorities of Union
Bank of Nigeria say the bank has signed a N4 billion agreement to finance the Egboama Gas Plant, which is owed by PNG Gas Limited.
A statement from the bank quoted its Executive Director, Corporate Banking, Mr Emeka Okonkwo, as saying that the project would boost the domestic use of gas in the country.
It noted that the loan facility would provide the required funding for the refurbishment and upgrade of the gas plant, which is located in Delta State.
Okonkwo said, “Union Bank is pleased to be supporting PNG with the financing of Egboama Plant, which is expected to produce about 101 tons of liquefied petroleum gas per day.”
“This project will no doubt enhance efforts towards increasing domestic utilization of gas in the country and reducing dependence on oil,” he said.
He disclosed that in addition to producing 101 tons of liquefied petroleum gas per day, the Egboama gas plant is also expected to produce 38 tons of propane gas per day, 750 barrels of natural gas liquids as well as 25 million standard cubic feet of lean gas per day.
According to the statement, the lean gas would be piped into the national gas grid to support power generation.
Union Bank, it explained, is a key player in oil and gas financing and is resolute in promoting and developing industries in the sector as part of its transformation programme.