A leading Nigerian oil and gas company, NESGAS Limited, on Thursday announced the signing of a $200 million contractor financing agreement with Cakasa Nigeria Limited for the construction of a 50,000 metric tons Liquefied Petroleum Gas (LPG) storage facility in Onne, Rivers State.
While Nigeria reportedly has the fastest-growing LPG sector in the world, with a projected LPG market size of $10 billion, its storage capacity of 800,000 metric tonnes is far below the government’s projected 5 million metric tons distribution.
NESGAS, while signing the deal, said the financing would enable the timely execution of the project, reinforcing the government’s push for domestic gas utilisation.
Speaking at the signing ceremony in Abuja, Managing Director of NESGAS, Tunde Banjo, said the move would accelerate the expansion of Nigeria’s LPG infrastructure, enhancing supply security, and supporting the country’s…
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