Financial Energy Review
Asiko Energy, one of Nigeria’s leading power and gas distribution companies, has formally commenced the construction of its latest project to increase accessibility of Liquefied Petroleum Gas (LPG) by Nigerians.
With the commencement of the ground-breaking exercise of the dual-liquefied gas storage terminal located in Ijora, Lagos State, the facility, on completion, will house 5000 metric tonnes (MT) of Propane/LPG storage and a 30 million-litre LNG storage tank.
The terminal under construction, when complete, will be the country’s first dual liquified gas fuel terminal, with the ability to receive, store and distribute both LPG and LNG.
Speaking at the ceremony, Managing Director, Asiko Energy, Felix Ekundayo, stated that the project “is the culmination of several years of dedication and hard work by our Company. As we commence the construction of our propane/LPG terminal, we are also laying the foundation for a co-located LNG terminal consisting of a full containment tank making this the first land-based LNG receiving terminal in Africa.”
Ekundayo thanked the Board of Directors of Asiko Energy, shareholders, colleagues, financiers, and supply partner of over 15 years, the Nigeria LNG (NLNG) Limited.
The facility’s construction is being undertaken by OPTECH Engineering PVT of India as the EPC contractors and supervised by ILF Engineers Nigeria Limited as the project management company (PMC). Cozym Process Systems (pipeline) and AYF Development Limited (Civils) are also contractors involved in this project.
Asiko Energy, which began operations 15 years ago, first commenced operations under the DLPG (domestic LPG) distribution initiative and subsequently went on to pioneer captive power solutions for commercial and industrial applications (using LPG).
Asiko recently signed a contract with the NLNG for the domestic distribution of LNG, making Asiko the only company to be involved with both the domestic LPG and domestic LNG distribution in Nigeria.
