Nigeria's NNPCL in talks with Korean consortium led by Daewoo E&C on gas sector investment

The Nigerian National Petroleum Company (NNPCL) has initiated discussions with a South Korean consortium led by Daewoo E & C to develop gas projects in the West African country.

The talks, taking place in Seoul, are focused on strengthening NNPCL's capacity to tap into Nigeria's abundant gas resources to further its aim of becoming a worldwide provider of clean and cost-effective energy. 

South Korea, a major centre for Liquefied Natural Gas (LPG) exports, has shown keen interest in partnering with the consortium and the Korean Export-Import Bank to explore investment opportunities in new projects and gas development in Nigeria.

According to Olufemi Soneye, Chief Corporate Communications Officer of NNPCL, the current talks aim to formalise a Memorandum of Understanding (MoU) for strategic foreign direct investment. This is in line with President Bola Ahmed Tinubu's goal to attract global investors to Nigeria's expanding energy sector. 

In a press release, the NNPCL’s CEO Mele Kyari also noted that the Nigerian firm Temile Development Company had commissioned a 23,000-metre ultra-modern LPG Carrier in Ulsan, South Korea, on January 30. According to Kyari, the vessel will go “a long way in improving access to LPG in the domestic market.”