NLNG to build N273bn ship repair

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Managing Director/Chief Executive Officer, Nigeria LNG Limited, Mr. Babs Omotowa
Managing Director/Chief Executive Officer, Nigeria LNG Limited, Mr. Babs Omotowa
The Nigeria Liquefied Natural Gas company has said a N273bn ship repair yard, estimated to cost N273bn ($1.5bn) will be built in Badagry, Lagos.
The facility is expected to cater for the maintenance of all sizes of ships as well as rigs and floaters.
Expected to commence in 2016, the project is to be carried out in conjunction with Royal HaskoningDHV, Hyundai Heavy Industries and Samsung Heavy industries.
The NLNG Managing Director, Mr. Babs Omotowa, stated this in Lagos on Tuesday at a dry-dock road show for private investors.
He said, “This really is an opportunity to create capacity not just by attracting vessels but also to create jobs and drive our vision of becoming a better Nigeria. Clearly for the NLNG, the jewel in the crown is the dry dock facility.
“Over the years, the NLNG has carried out dry docking of her ships around the world. We have done so in Europe, Asia and several other countries in times past. If you look at that and several other companies who do the same, without a doubt, a lot of money, millions of dollars is spent on this annually.”
Omotowa described Nigeria’s shipping industry as one with great opportunities for growth and urged investors to take advantage of the this.
He said, “Nigeria has proved in the last few years that we are a destination for investment. When you look at the telecommunications industry, you can see what tremendous success investors have achieved. The growth rate in Nigeria and the opportunities it makes for development is quite significant.
“It is clear that the shipping industry in Nigeria has a huge chance for growth; not only do we have very large vessels and NLNG carriers but we also have a lot of medium, small vessels plying our waters from the oil and gas industry, transportation and other areas.”
He commended SHI and HHI for their support and sponsoring the training of 400 Nigerians on ship building.
Badagry was said to have be chosen after an assessment of 12 sites along the Nigerian coastline and inland waterways.
Other factors that favoured Badagry are the planned construction of a deep sea port, a free trade zone around the Badagry port and the development of the Lagos/Badagry Expressway.
The ship yard will be completed in the third quarter of 2012.
The Executive Secretary of the Nigerian Content Development and Monitoring Board, Mr. Ernest Nwapa, assured investors at the conference of government’s support for the project.
He said, “We pride ourselves at the NCMDB that the LNG has the strongest pedigree of a company in Nigeria. I don’t have any doubt that if the LNG says that they would follow this project to the end, we would see the end of the project.”
The Global Technical Director Shipyards, Royal HaskoningDHV, Mr. Adrian Arnold, said the proposed shipyard would be managed in the standards required by premium customers operating in the regional oil and gas market.

 Source: PUNCH

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