African Export-Import Bank has signed a financing deal with UTM Offshore Limited. This deal was signed at its 29th Annual Meetings in Cairo, Egypt recently. The bank will partly finance activities designed to progress the first Floating Liquefied Natural Gas project in Nigeria to bankability.
Thereafter, according to a statement issued by the bank, the deal marked a continuation of the support of Afreximbank. Which had been leading UTM’s fundraising efforts to secure the investments required for the project’s implementation.
In line with Nigeria’s Petroleum Industry Act and global energy transition efforts. UTM Offshore Limited is to carry out the FLNG project in partnership with the Nigerian National Petroleum Corporation. And its affiliate, LNG Investment Management Services.
Meanwhile, UTM is undertaking the development, design, and construction of an FLNG facility with a liquefied natural gas nameplate production. This is of capacity of 1.2m metric tons per annum. And a storage capacity of 200,000 cubic meters, as well as ancillary facilities to be located 60-kilometer from the shore of Akwa Ibom State.
According to the Executive Vice-President of Afreximbank, Mr. Amr Kamel, “Specifically, the project will generate exports estimated at a minimum of $11.4bn from Nigeria to the rest of the world. However,In the process creating over 2,000 construction jobs and a minimum of 1,000 high-quality jobs.