UTM Offshore and the African Export-Import Bank (Afreximbank) have signed a MoU to raise 2 billion dollars for the development of Nigeria’s first Floating Liquefied Natural Gas (FLNG) project.
Dr Yahuza Kassim, Principal Consultant for the development of the facility stated in Lagos on Wednesday that the MoU was signed on Tuesday in Abuja.
He added that the MoU was signed by Mr Julius Rone, Group Managing Director, UTM Offshore and Dr Benedict Oramah, President and Chairman of Afreximbank.
The MoU paved the way for additional collaboration between UTM Offshore and the Afreximbank to support a future Final Investment Decision on UTM’s FLNG project.
According to Dr Kassim, UTM Offshore has been studying and conceptualising the development of an FLNG in Nigeria since 2020.
Kassim quoted Rone as saying that: “it will significantly contribute to the Nigerian government’s agenda of reducing gas flares.