By Abdullahi Lukman
Samsung Heavy Industries Nigeria (SHIN) has revealed plans to diversify into the renewable energy sector to address Nigeria’s energy challenges.
This move, announced in a statement on Monday, February 3, marks a significant shift in the company’s strategy.
The announcement came after a meeting between SHIN’s new Managing Director, Jin Lee, and Felix Omatsola Ogbe, Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), in Lagos on Friday.
In its diversification strategy, SHIN intends to manufacture floating foundations and related infrastructure for wind farms and other renewable energy projects.
“The company intends to manufacture floating foundations and associated assets for wind farms, and other renewable projects,” SHIN said in the statement.
The company’s expansion into renewable energy is in response to Nigeria’s growing need for alternative energy sources and comes at a time when the country is exploring ways to reduce its dependence on fossil fuels and increase the use of sustainable energy.
During the meeting, SHIN requested NCDMB’s support in connecting with international stakeholders such as the African Petroleum Producers Organisation (APPO) and other global clients.
According to SHIN, “NCDMB was asked to introduce the company to the African Petroleum Producers Organisation (APPO) and other international clients, as it will help SHIN market its capabilities, attract global businesses, and position Nigeria as a key hub for exporting oil and gas services across Africa.
” The company emphasized that these connections would open doors to new opportunities and enhance its competitiveness in the global energy market.”
SHIN also sought assistance from the NCDMB to attract new projects to its facility.
“The company sought the Board’s assistance to attract new projects to the facility, highlighting their experience to execute major oil and gas projects and pledging support to the Federal Government’s mantra of fast-tracking crude oil production and creating employment opportunities for Nigerians,” the statement added.
SHIN pointed to its track record in executing major oil and gas projects, including its involvement in Total Energies’ Egina deepwater project, which is considered a significant achievement for local content in Nigeria.
The company reminded Ogbe that its facility was involved in the key in-country aspects of Total Energies’ Egina deepwater project, including the partial integration of the Egina Floating Production Storage and Offloading (FPSO) unit in 2017 and 2018.
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The SHIN team reminded the Executive Secretary that their facility executed key scopes in-country aspects of Total Energies’ Egina deepwater project, including the partial integration of the Egina FPSO in 2017 and 2018.
The project remains a reference point for local content accomplishment in the Nigerian oil and gas industry till date,” SHIN said.
Jin Lee, SHIN’s Managing Director, also expressed concern about the impact of the COVID-19 pandemic on the company’s operations.
“Lee regretted that the facility had not carried out major projects since the onset of COVID-19 pandemic in 2020, when oil industry operations were significantly impacted,” the statement noted.
In response, Executive Secretary Felix Omatsola Ogbe welcomed Lee to Nigeria and reiterated NCDMB’s support for SHIN’s efforts to diversify and strengthen Nigeria’s local content in the energy sector.
Ogbe assured SHIN of the board’s commitment to promoting local content and assisting the company in collaborating with indigenous service companies to boost capacity and job creation.
“Ogbe asked SHIN to collaborate with indigenous service companies, enhance their capacities, and maximize employment opportunities to boost the economy,” the statement quoted.
Ogbe further explained that the Nigerian Content 10-year strategic roadmap prioritizes the creation of international opportunities for Nigerian companies that have demonstrated strong capabilities in the energy sector.
He promised to recommend SHIN to APPO and other international organizations.
“Speaking further, Ogbe promised to recommend SHIN to APPO and other international groups, in furtherance of the Nigerian Content 10-year strategic roadmap’s sectorial and regional linkage enabler,” the statement noted.
The enabler aims to strengthen Nigeria’s position in the global energy market by linking local companies with international business opportunities.
Ogbe also assured SHIN that NCDMB would conduct a visit to the company’s facilities, accompanied by representatives from both international and indigenous oil and gas companies.
“Additionally, he assured that the board would conduct a visit to SHIN’s facilities, accompanied by representatives of both international and indigenous operating oil and gas companies,” the statement reported.
SHIN’s diversification into renewable energy represents an exciting new chapter for the company as it seeks to contribute to Nigeria’s sustainable energy future while also strengthening its position in the global energy market.
