Financial Energy Review
The Nigerian Content Development and Monitoring Board (NCDMB) on Wednesday congratulated an indigenous shipping company, Temile Development Company on the contract signing agreement with Hyundai Mipo Dockyard (HMD) for the construction of a new 23,000 cubic meters Liquefied Petroleum Gas Carrier Vessel. The indigenous company also signed a separate agreement with NSML – an integrated maritime services subsidiary of Nigeria LNG Limited for the construction supervision of the vessel.
The LPG carrier vessel is the second that is being constructed by the Temile Development Company and is a sequel to the first vessel which was constructed in 2018 and is currently chartered to Nigeria LNG Limited for domestic LPG supply.
In a video message he delivered to the agreement signing ceremony held at the sidelines of the 2022 World Gas Conference in Daegu, South Korea, the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote saluted Temile Development Company for its bullish initiative in investing in an area that is regarded as off-limits for local players. He described the accomplishment as evidence of significant growth in capacity and confidence of local companies to play in the international arena and in complex areas of the oil and gas industry.
The new 23,000 cubic LPG/NH3/VCM Carrier to be constructed is a high-end specification vessel that has been designed by NSML in accordance with bespoke requirements using HMD’s highly efficient eco-design. The new LPG carrier is expected for delivery on 26th July 2023 at HMD in Ulsan, Korea.
Wabote indicated that the agreement signing event and subsequent construction and supervision of the contract align with the Board’s strategic plan of maximizing the potentials in the Midstream and Downstream Sectors of the Nigerian oil and gas industry, especially as the oil and gas industry strives to actualize the Decade of Gas policy of the Federal Government.
According to him, “this project clearly supports our LPG penetration initiative in Nigeria and will further close the gap in LPG penetration in Nigeria.”
He stated further that the project will bring invaluable local content opportunities in technology and innovation, human capital development and research and development.
Speaking further, the Executive Secretary commended Hyundai for the work it was doing at the Brass Shipyard and other investment projects in Nigeria that will support the repair of vessels. He also applauded NLNG for the strategic initiative of deploying 100 percent LPG to the local market to close the gap in respect of LPG penetration in-country, adding the company has helped in reducing cost as well as creating a cleaner source of energy for our people.
Temile’s Chief Executive, Mr. Alfred Temile said ‘’We are delighted to execute the construction of our new LPG carrier with HMD, bringing onboard NSML to supervise the construction, as an indigenous company this demonstrates our commitment and support to the Nigeria Local Content Act and as well establishes our confidence in local capacity to deliver international acceptable standards.
He mentioned that “having taken delivery of our first LPG carrier vessel which is currently chartered to Nigeria LNG Limited for domestic LPG supply, we look forward to taking delivery of this new carrier in July 2023 to make an addition to the global gas supply industry.”
He said that “working with HMD again makes us feel in very safe hands as we are confident that this eco-design / cleaner fuel vessel shall be constructed in line with International best practices and industrial regulations thereby creating a space for the vessel in the international gas supply value chain.”
