By Nneka Nwogwugwu
Nigeria’s first Floating Liquefied Natural Gas (FLNG) project has gotten a financing deal from the African Export-Import Bank (Afreximbank).
The project preparation facility financing head of terms is in partnership with UTM Offshore Limited (UTM).
According to a recent statement released by the bank, the deal was signed during the bank’s 29th Annual Meeting in Cairo, Egypt.
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The FLNG, marks a continuation of the support of Afreximbank, which has been leading UTM’s fundraising efforts to secure the necessary investments required for the project’s implementation.
The UTM Offshore Limited is developing Nigeria’s first Floating Liquefied Natural Gas (FLNG) project in partnership with the Nigerian National Petroleum Corporation (NNPC) and its affiliate, LNG Investment Management Services.
This is in line with Nigeria’s Petroleum Industry Act (PIA) and global energy transition efforts.
The Managing Director and Chief Executive Officer of UTM Offshore Limited, Mr. Julius Rone, also stated that the participation of the bank in the project’s preparation stage will play a significant role in de-risking the landmark activity being promoted by UTM Offshore, fast-tracking the fund-raising process and project implementation.
