Lagos Free Zone, partners sign N10bn gas deal
The Lagos Free Zone has signed a gas contract worth over N10bn with Falcon Corporation, ND Western, and FHN consortium.
The gas infrastructure development agreement was signed in Lagos on Monday.
The project allows the consortium of Falcon Corporation, ND Western Midstream Limited, and FHN Gas Limited, to exclusively build, own, and operate a natural gas distribution infrastructure network within the LFZ.
To actualise the opportunity, the consortium said it would incorporate a Special Purpose Vehicle (SPV) – Optimera Energy LFZ Enterprise (Optimera Energy) -within the LFZ.
Managing Director, Optimera Energy, Audrey Joe-Ezigbo, while speaking at the event said, “The Optimera consortium is made up of like-minded shareholders passionate about a common goal: accelerating the further growth of domestic gas utilization in Nigeria. Having reliable dedicated gas supply infrastructure installed in the LFZ adds tremendous value to existing industrial concerns and will increase the Zone’s attractiveness to future customers.”
Ezigbo noted that the endeavour would be a big step towards actualizing the objectives of the ‘Decade of Gas’ initiative, of which gas-based industrial growth was a significant part.
“The Petroleum Industry Act provides the necessary regulatory environment for projects such as these to succeed in Nigeria. We look forward to working collaboratively with the Nigerian Midstream & Downstream Regulatory Authority in this project’s development and operation phases.
Credit | @Punch News @Googletrends