Page 12 - AfrOil Week 44 2022

AfrOil PROJECTS & COMPANIES AfrOil

President Buhari (C) was present for the signing of the deal (Photo: Twitter/@NGRPresident)
“Daewoo Group has massive investments in also constructing sea-going LPG vessels for
the automobile, maritime and other sectors [NNPCL] and her partners ... This no doubt will
of our economy. I am also aware that Dae- open many more windows of opportunities for
woo is currently engaged in the execution of Daewoo and other Korean companies in Nige-
the NLNG [Nigeria LNG] Train 7 project and ria. I thank you for your faith in Nigeria,” he said.

NNPCL to join JV for deepwater logistics

and service base in Akwa Ibom state

NIGERIA NIGERIAN National Petroleum Co. Ltd
(NNPCL) has struck a deal with the Akwa
Ibom state government and Solution Hub Ltd, a
privately owned Nigerian firm, on the establish-
ment of a joint venture to build an onshore logis-
tics and service base that will support deepwater
oil and gas projects in the region.
Government-owned NNPCL revealed in
a Twitter post on October 29 that the parties
had signed an agreement on the formation of
the joint venture, which will be known as Ibom
Solution Hub Ltd. It said equity in the venture
would be split 50% to Solution Hub Ltd, 30%
to NNPCL and 20% to the Akwa Ibom state
administration.
The joint venture aims to build an onshore
logistics and service base on a 40-acre (16-hec- Akwa Ibom service base deal signing ceremony (Photo: Twitter/@nnpclimited)
tare) site in the town of Ibaka, NNPCL noted.
Ibaka lies within an existing free trade zone alternative to existing logistics bases in Nigeria
(FTZ) in the Mbo local government area (LGA) to offer offshore construction support to West
in Akwa Ibom, the company said. When fin- [and] Central African regions,” it stated.
ished, the facility will be “a fully integrated, real NNPCL did not reveal the value of the pro-
deepwater logistics services base project that will ject or say when construction work was antici-
offer offshore construction and logistics services pated to begin.
to the eastern flank of Nigeria [and] the West Nigeria’s deepwater fields have been attract-
and Central African region,” it added. ing more interest from international oil compa-
The new base will be able to serve as “an nies (IOCs) in recent years.

P12 www. NEWSBASE .com Week 44 03•November•2022