Nigerian Ondo and Ogun states sign gas project deal

Jul 25, 2006 02:00 AM

The Government of Ondo and Ogun States signed a Memorandum of Understanding (MoU) on the $ 6 bn Olokola (OK) Liquefied Natural Gas (LNG) Project between them and OK Free Trade Zone Company and the Nigerian Export Promotion Zones Authority (NEPZA).
Speaking at the signing, at Corporate Headquarters of the Nigerian National Petroleum Corporation (NNPC) Headquarters in Abuja, Governor Segun Agagu of Ondo state noted that the pace of industrialisation in his state was slow compared with the growth of its human resources.

"With this OK LNG, its multiplier effect will lead to the creation of thousands of jobs through the resurrection of service and ancillary industries", he said. "This is our way of jump-starting our economy", he said.
"We want to assure the investors that the place will be made very peaceful and tranquil for the execution of the project, and we are going to provide all the basic infrastructure needed in the place", he said.

The Project Director of the OK LNG, Mr Femi Coker, told the gathering that the MoU contained details of the involvement of all the contribution parties to the OK LNG. He said that up to 10,000 people could be employed during the construction phase and that the first cargo of the first phase of 5.5 mm tons of gas will be delivered by early 2011.
In his speech, the Group Managing Director of the NNPC, Funsho Kupolokun, said that OK LNG is part of a national policy of aggressively developing and monetizing Nigeria's abundant natural gas reserves.

"By 2012 when all four OK LNG Trains would be on stream, Nigeria gas export from all the LNG Projects, the West African Gas Pipe Line Project (WAPG) and the rest will exceed 2 mm barrels of oil equivalent of gas per day", he said.
"The OK LNG project will bring wide-ranging, far-reaching, long-term benefits and opportunities to the country.”

"It will also be a project of which partners (NNPC, Chevron, Shell and British Gas) can be proud of, not only because of the good financial returns that they will earn, but also because it will tremendously enhance their corporate image as a result of the social benefits and industrial excellence of the project", he said.
NNPC and the Chevron/BG consortium first launched studies into the new LNG plant known as OK LNG to be sited at Olokola, a boundary town between Ogun and Ondo states.

Source: Vanguard
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