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Liquefied Petroleum Gas (LPG)

  •  The Major Oil Marketers Association of Nigeria MOMAN has reiterated its support to Nigeria s energy transition and efforts of the Federal Government to actualise net zero carbon emission target by 2060 MOMAN also said it had within the last one year organised several trainings for its members to improve efficiency and safety in the petroleum downstream sector operations Mr Olumide Adeosun made these known at a news conference to mark his first year anniversary as the chairman of the association on Friday in Lagos Adeosun said our members are committed to the energy transition and the sustainable decarbonisation of our respective businesses As a collective we have embarked on several impactful initiatives and projects that signals that commitment to cleaner energy According to him MOMAN has been engaging with the National Gas Expansion Programme NGEP to drive the expansion of the use of gas in Nigeria He said the association had recently reviewed the contents of the Federal Government s Auto Gas policy and have sent in a memorandum with the association s input to the policy My members are ready to move as long there is regulatory and policy clarity he said Adeosun who is also the Chief Executive of Ardova Plc said as part of these efforts the company had invested in the construction of a 20 000MT Liquefied Petroleum Gas LPG storage facility in Ijora Lagos He said this new capacity which would come on stream in 2023 would enable economies of scale for coastal gas delivery and help deepen the adoption of LPG as the cooking fuel of choice nationwide Adeosun also reiterated MOMAN s position for the petroleum downstream sector going forward especially with regards to the continued payment of fuel subsidy by the government He said We have tabled our recommendations to the government on our considered view on subsidy removal approach It can best be summarised as full deregulation in phases These huge subsidy payments are simply not sustainable The government should focus on palliatives for Nigerians such as mass transit improve power supply agriculture education etc Government may subsidise sectors that would stimulate sustainable economic growth Overwhelmingly the right course of action is a clear trajectory toward full implementation of the Petroleum Industry Act 2021 as it is a very well thought out legislation that would ultimately cause the petroleum industry in Nigeria to grow Listing some of the achievements of his administration in the past one year Adeosun said it included engagements with stakeholders such as the Ministry of Petroleum Resources the National Assembly and the Federal Competition and Consumer Protection Commission He said MOMAN had also engaged the Nigerian Midstream and Downstream Petroleum Regulatory Authority Dangote Refinery and the Nigerian National Petroleum Company Ltd and the media These engagements have all been in a bid to ensure that downstream positions and our customers interests are well articulated and documented The goal has always been to develop good working relationships with the regulator and positively impact the petroleum sector Adeosun said He said MOMAN member companies being the heritage of International Oil Companies IOCs who have operated in Nigeria in some cases for over 100 years were the custodians of years of operational experience and evolved industry competencies Adeosun said It was our opinion that under investment arising from years of operation under the subsidy regime has led to a degradation of equipment industry knowledge and practices In response MOMAN established regional collaborations with other industry associations across Africa We share best practices and collaborate on various fronts We have therefore pooled our resources and recently published compendiums of best practices for the downstream industry in Nigeria he concluded NewsSourceCredit NAN
    MOMAN reiterates support for energy transition, safety 
     The Major Oil Marketers Association of Nigeria MOMAN has reiterated its support to Nigeria s energy transition and efforts of the Federal Government to actualise net zero carbon emission target by 2060 MOMAN also said it had within the last one year organised several trainings for its members to improve efficiency and safety in the petroleum downstream sector operations Mr Olumide Adeosun made these known at a news conference to mark his first year anniversary as the chairman of the association on Friday in Lagos Adeosun said our members are committed to the energy transition and the sustainable decarbonisation of our respective businesses As a collective we have embarked on several impactful initiatives and projects that signals that commitment to cleaner energy According to him MOMAN has been engaging with the National Gas Expansion Programme NGEP to drive the expansion of the use of gas in Nigeria He said the association had recently reviewed the contents of the Federal Government s Auto Gas policy and have sent in a memorandum with the association s input to the policy My members are ready to move as long there is regulatory and policy clarity he said Adeosun who is also the Chief Executive of Ardova Plc said as part of these efforts the company had invested in the construction of a 20 000MT Liquefied Petroleum Gas LPG storage facility in Ijora Lagos He said this new capacity which would come on stream in 2023 would enable economies of scale for coastal gas delivery and help deepen the adoption of LPG as the cooking fuel of choice nationwide Adeosun also reiterated MOMAN s position for the petroleum downstream sector going forward especially with regards to the continued payment of fuel subsidy by the government He said We have tabled our recommendations to the government on our considered view on subsidy removal approach It can best be summarised as full deregulation in phases These huge subsidy payments are simply not sustainable The government should focus on palliatives for Nigerians such as mass transit improve power supply agriculture education etc Government may subsidise sectors that would stimulate sustainable economic growth Overwhelmingly the right course of action is a clear trajectory toward full implementation of the Petroleum Industry Act 2021 as it is a very well thought out legislation that would ultimately cause the petroleum industry in Nigeria to grow Listing some of the achievements of his administration in the past one year Adeosun said it included engagements with stakeholders such as the Ministry of Petroleum Resources the National Assembly and the Federal Competition and Consumer Protection Commission He said MOMAN had also engaged the Nigerian Midstream and Downstream Petroleum Regulatory Authority Dangote Refinery and the Nigerian National Petroleum Company Ltd and the media These engagements have all been in a bid to ensure that downstream positions and our customers interests are well articulated and documented The goal has always been to develop good working relationships with the regulator and positively impact the petroleum sector Adeosun said He said MOMAN member companies being the heritage of International Oil Companies IOCs who have operated in Nigeria in some cases for over 100 years were the custodians of years of operational experience and evolved industry competencies Adeosun said It was our opinion that under investment arising from years of operation under the subsidy regime has led to a degradation of equipment industry knowledge and practices In response MOMAN established regional collaborations with other industry associations across Africa We share best practices and collaborate on various fronts We have therefore pooled our resources and recently published compendiums of best practices for the downstream industry in Nigeria he concluded NewsSourceCredit NAN
    MOMAN reiterates support for energy transition, safety 
    General news2 days ago

    MOMAN reiterates support for energy transition, safety 

    The Major Oil Marketers Association of Nigeria (MOMAN) has reiterated its support to Nigeria’s energy transition and efforts of the Federal Government to actualise net zero carbon emission target by 2060.MOMAN also said it had within the last one year organised several trainings for its members to improve efficiency and safety in the petroleum downstream sector operations.

    Mr Olumide Adeosun made these known at a news conference to mark his first year anniversary as the chairman of the association on Friday in Lagos.

    Adeosun said: “our members are committed to the energy transition and the sustainable decarbonisation of our respective businesses.

    “As a collective, we have embarked on several impactful initiatives and projects that signals that commitment to cleaner energy.

    ”According to him, MOMAN has been engaging with the National Gas Expansion Programme (NGEP) to drive the expansion of the use of gas in Nigeria.

    He said the association had recently reviewed the contents of the Federal Government’s Auto Gas policy and have sent in a memorandum with the association’s input to the policy.

    “My members are ready to move as long there is regulatory and policy clarity,” he said.

    Adeosun, who is also the Chief Executive of Ardova Plc, said as part of these efforts, the company had invested in the construction of a 20,000MT Liquefied Petroleum Gas (LPG) storage facility in Ijora, Lagos.

    He said this new capacity which would come on stream in 2023 would enable economies of scale for coastal gas delivery and help deepen the adoption of LPG as the cooking fuel of choice nationwide.

    Adeosun also reiterated MOMAN’s position for the petroleum downstream sector going forward, especially with regards to the continued payment of fuel subsidy by the government.

    He said: “We have tabled our recommendations to the government on our considered view on subsidy removal approach.

    ” It can best be summarised as full deregulation in phases.

    These huge subsidy payments are simply not sustainable.

    “The government should focus on palliatives for Nigerians such as mass transit, improve power supply, agriculture, education etc.

    “Government may subsidise sectors that would stimulate sustainable economic growth.

    “Overwhelmingly the right course of action is a clear trajectory toward full implementation of the Petroleum Industry Act 2021, as it is a very well thought out legislation that would ultimately cause the petroleum industry in Nigeria to grow.

    “Listing some of the achievements of his administration in the past one year, Adeosun said it included engagements with  stakeholders such as the Ministry of Petroleum Resources, the National Assembly and the Federal Competition and Consumer Protection Commission.

    He said MOMAN had also engaged the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Dangote Refinery and the Nigerian National Petroleum Company Ltd. and the media.

    “These engagements have all been in a bid to ensure that downstream positions and our customers’ interests are well articulated and documented.

    “The goal has always been to develop good working relationships with the regulator and positively impact the petroleum sector,” Adeosun said.

    He said MOMAN member companies, being the heritage of International Oil Companies (IOCs) who have operated in Nigeria in some cases for over 100 years, were the custodians of years of operational experience and evolved industry competencies.

    Adeosun said: “It was our opinion that under investment arising from years of operation under the subsidy regime has led to a degradation of equipment, industry knowledge and practices.

    “In response, MOMAN established regional collaborations with other industry associations across Africa.

    We share best practices and collaborate on various fronts” We have, therefore, pooled our resources and recently published compendiums of best practices  for the downstream industry in Nigeria” he concluded.


    NewsSourceCredit: NAN

  •  The Group Managing Director of Access Bank Plc Mr Roosevelt Ogbonna has enjoined corporate entities to embrace technology to stay afloat in the increasingly competitive market place Delivering a keynote address at the unveiling of an app known as Cydene Express in Lagos on Wednesday Ogbonna said that corporate entities failing to keep pace with technology and innovations would go into extinction sooner than later Ogbonna said that technology had caused disruptions in markets across the globe a development he said had resulted to untimely deaths for many corporate entities Globally disruptions have become the order of the day and technology is at the heart of that disruption therefore any entity that fails to shape up will naturally ship out He lauded Mr Skalid Obi the software developer who built the Cydene Express app for inventing a software that would help thousands of Nigerian homes to ensure efficient use of household utilities Mr Obi and his team at Cydene Energy Services have thrown up a challenge to other Nigerian youths to bring change through the creation of innovative technologies and ideas The Access Bank chief described the new app as a value added platform that would give easy access to utilities and services in Nigeria Also speaking the Executive Vice Chairman of Techno Oil Ltd Mrs Nkechi Obi praised the software developer for his tenacity and commitment to bridging the gap in delivering utility services to households She however told the Federal Government and corporate entities to find ways to encourage young Nigerians to embrace innovations and technologies that would contribute to nation growth Earlier Skalid who is also the Chief Executive Officer of Cydene Energy Services said that the company developed Cydene Express to boost the adoption of Liquefied Petroleum Gas LPG among Nigerian households He said that the company was prompted to develop the app to bridge the gap in accessing and paying for household utilities from the comfort of homes At Cydene Energy we have built a socially inclusive app that can accommodate Nigerians With this app Nigerians can now securely purchase utilities while maintaining comfort and maximizing productivity We realised the need to own the management system in other to understand the logistics of delivering services from merchants to consumers He said that with the introduction of the app the Federal Government s effort to boost LPG adoption as cooking fuel via the National LPG Expansion Plan would receive a boost A Director of Cydene Energy Services Mr Sam Ochonma said that the app was also handy in making payments for other utilities such as airtime cable television and electricity bills He explained that users could send money to friends and families to pay for utilities using the app The News Agency of Nigeria reports that up to 10 000 Nigerian households have embraced the app for efficient use of household utilities NewsSourceCredit NAN
    Access Bank chief enjoins companies to embrace technology to stay afloat
     The Group Managing Director of Access Bank Plc Mr Roosevelt Ogbonna has enjoined corporate entities to embrace technology to stay afloat in the increasingly competitive market place Delivering a keynote address at the unveiling of an app known as Cydene Express in Lagos on Wednesday Ogbonna said that corporate entities failing to keep pace with technology and innovations would go into extinction sooner than later Ogbonna said that technology had caused disruptions in markets across the globe a development he said had resulted to untimely deaths for many corporate entities Globally disruptions have become the order of the day and technology is at the heart of that disruption therefore any entity that fails to shape up will naturally ship out He lauded Mr Skalid Obi the software developer who built the Cydene Express app for inventing a software that would help thousands of Nigerian homes to ensure efficient use of household utilities Mr Obi and his team at Cydene Energy Services have thrown up a challenge to other Nigerian youths to bring change through the creation of innovative technologies and ideas The Access Bank chief described the new app as a value added platform that would give easy access to utilities and services in Nigeria Also speaking the Executive Vice Chairman of Techno Oil Ltd Mrs Nkechi Obi praised the software developer for his tenacity and commitment to bridging the gap in delivering utility services to households She however told the Federal Government and corporate entities to find ways to encourage young Nigerians to embrace innovations and technologies that would contribute to nation growth Earlier Skalid who is also the Chief Executive Officer of Cydene Energy Services said that the company developed Cydene Express to boost the adoption of Liquefied Petroleum Gas LPG among Nigerian households He said that the company was prompted to develop the app to bridge the gap in accessing and paying for household utilities from the comfort of homes At Cydene Energy we have built a socially inclusive app that can accommodate Nigerians With this app Nigerians can now securely purchase utilities while maintaining comfort and maximizing productivity We realised the need to own the management system in other to understand the logistics of delivering services from merchants to consumers He said that with the introduction of the app the Federal Government s effort to boost LPG adoption as cooking fuel via the National LPG Expansion Plan would receive a boost A Director of Cydene Energy Services Mr Sam Ochonma said that the app was also handy in making payments for other utilities such as airtime cable television and electricity bills He explained that users could send money to friends and families to pay for utilities using the app The News Agency of Nigeria reports that up to 10 000 Nigerian households have embraced the app for efficient use of household utilities NewsSourceCredit NAN
    Access Bank chief enjoins companies to embrace technology to stay afloat
    General news2 months ago

    Access Bank chief enjoins companies to embrace technology to stay afloat

    The Group Managing Director of Access Bank Plc., Mr Roosevelt Ogbonna, has enjoined corporate entities to embrace technology, to stay afloat in the increasingly competitive market place.

    Delivering a keynote address at the unveiling of an app, known as “Cydene Express’’ in Lagos on Wednesday, Ogbonna said that corporate entities failing to keep pace with technology and innovations would go into extinction sooner than later.

    Ogbonna said that technology had caused disruptions in markets across the globe, a development he said, had resulted to untimely deaths for many corporate entities.

    “Globally, disruptions have become the order of the day and technology is at the heart of that disruption, therefore, any entity that fails to shape up will naturally ship out.

    ’’ He lauded Mr Skalid Obi, the software developer, who built the “Cydene Express’’ app for inventing a software that would help thousands of Nigerian homes to ensure efficient use of household utilities.

    “Mr Obi and his team at Cydene Energy Services have thrown up a challenge to other Nigerian youths to bring change through the creation of innovative technologies and ideas.

    The Access Bank chief described the new app as a value-added platform that would give easy access to utilities and services in Nigeria.

    Also speaking, the Executive Vice-Chairman of Techno Oil Ltd., Mrs Nkechi Obi, praised the software developer for his tenacity and commitment to bridging the gap in delivering utility services to households.

    She, however, told the Federal Government and corporate entities to find ways to encourage young Nigerians to embrace innovations and technologies that would contribute to nation growth.

    Earlier, Skalid, who is also the Chief Executive Officer of Cydene Energy Services, said that the company developed “Cydene Express’’, to boost the adoption of Liquefied Petroleum Gas (LPG) among Nigerian households.

    He said that the company was prompted to develop the app, to bridge the gap in accessing and paying for household utilities from the comfort of homes.

    “At Cydene Energy, we have built a socially inclusive app that can accommodate Nigerians.

    With this app, Nigerians can now securely purchase utilities while maintaining comfort and maximizing productivity.

    “We realised the need to own the management system in other to understand the logistics of delivering services from merchants to consumers.

    ” He said that with the introduction of the app, the Federal Government’s effort to boost LPG adoption as cooking fuel via the National LPG Expansion Plan would receive a boost.

    A Director of Cydene Energy Services, Mr Sam Ochonma, said that the app was also handy in making payments for other utilities such as airtime, cable television and electricity bills.

    He explained that users could send money to friends and families to pay for utilities, using the app.

    The News Agency of Nigeria reports that up to 10,000 Nigerian households have embraced the app for efficient use of household utilities.

    (
    NewsSourceCredit: NAN

  •  The Lagos Chamber of Commerce and Industry LCCI has urged those who benefited from the distribution of industrial burners and gas cylinders in the state to adhere to safety regulations Mrs Abosede Okeyemi Director Membership LCCI gave the advice at the last lap of the second phase of the LCCI Eko Gas sensitisation with the theme EkoforGasforEko The News Agency of Nigeria reports that the exercise held for five Fridays in Ikorodu Ketu Igando Agbado Oke Odo and Sura Market Lagos Island respectively According to Okeyemi the people should adhere to regulation in the usage of Liquefied Petroleum Gas LPG She said that the second phase was designed to intensify awareness on the significant benefits of using LPG as alternative fuels to biomass charcoal firewood and kerosene She urged the beneficiaries to keep phones and other materials that were not gas friendly and likely to cause mishaps away during usage In line with the mandate of the LCCI on promoting conducive business environment this event is organised to draw awareness to the benefits of LPG use This is consistent with the goal 7 of the United Nations Sustainable Development Goals that aims to ensure access to affordable reliable sustainable and modern energy for all We charge all the beneficiaries across the five areas in Lagos that we visited to employ safety precautions when using gas she said In his remarks Mr Abubakar Folami LPG Group Chairman LCCI noted that the event signalled an end to the pilot programme which started in May Folami said that work would begin to revisit the exercise across all 57 Local Community Development Area via the guidance of the Community Development Chairmen CDC He lauded all the market leaders CDC chairmen for their efforts in ensuring that the items got to those that truly needed it to shore up their businesses Responding Alhaja Raliat Adebayo Iya Oloja Sura Market also lauded LCCI on the initiative and advised the beneficiaries to ensure good use of the items to increase business productivity Also Alhaji Rasak Noibi CDC Chairman Sura said that LCCI should accommodate more beneficiaries into the scheme to alleviate poverty and improve the standard of living NAN reports that three beneficiaries namely Mrs Sherry John Alhaja Kehinde Bangbala and Mrs Toyin Okewumi emerged at the sura market exercise on Friday NewsSourceCredit NAN
    Adhere to safety regulations in LPG usage – LCCI urges beneficiaries 
     The Lagos Chamber of Commerce and Industry LCCI has urged those who benefited from the distribution of industrial burners and gas cylinders in the state to adhere to safety regulations Mrs Abosede Okeyemi Director Membership LCCI gave the advice at the last lap of the second phase of the LCCI Eko Gas sensitisation with the theme EkoforGasforEko The News Agency of Nigeria reports that the exercise held for five Fridays in Ikorodu Ketu Igando Agbado Oke Odo and Sura Market Lagos Island respectively According to Okeyemi the people should adhere to regulation in the usage of Liquefied Petroleum Gas LPG She said that the second phase was designed to intensify awareness on the significant benefits of using LPG as alternative fuels to biomass charcoal firewood and kerosene She urged the beneficiaries to keep phones and other materials that were not gas friendly and likely to cause mishaps away during usage In line with the mandate of the LCCI on promoting conducive business environment this event is organised to draw awareness to the benefits of LPG use This is consistent with the goal 7 of the United Nations Sustainable Development Goals that aims to ensure access to affordable reliable sustainable and modern energy for all We charge all the beneficiaries across the five areas in Lagos that we visited to employ safety precautions when using gas she said In his remarks Mr Abubakar Folami LPG Group Chairman LCCI noted that the event signalled an end to the pilot programme which started in May Folami said that work would begin to revisit the exercise across all 57 Local Community Development Area via the guidance of the Community Development Chairmen CDC He lauded all the market leaders CDC chairmen for their efforts in ensuring that the items got to those that truly needed it to shore up their businesses Responding Alhaja Raliat Adebayo Iya Oloja Sura Market also lauded LCCI on the initiative and advised the beneficiaries to ensure good use of the items to increase business productivity Also Alhaji Rasak Noibi CDC Chairman Sura said that LCCI should accommodate more beneficiaries into the scheme to alleviate poverty and improve the standard of living NAN reports that three beneficiaries namely Mrs Sherry John Alhaja Kehinde Bangbala and Mrs Toyin Okewumi emerged at the sura market exercise on Friday NewsSourceCredit NAN
    Adhere to safety regulations in LPG usage – LCCI urges beneficiaries 
    Economy2 months ago

    Adhere to safety regulations in LPG usage – LCCI urges beneficiaries 

    The Lagos Chamber of Commerce and Industry (LCCI) has urged those who benefited from the distribution of industrial burners and gas cylinders in the state to adhere to safety regulations.

    Mrs Abosede Okeyemi, Director, Membership, LCCI, gave the advice at the last lap of the second phase of the LCCI Eko Gas sensitisation with the theme: #EkoforGasforEko.

    The News Agency of Nigeria reports that the exercise held for five Fridays in Ikorodu, Ketu, Igando, Agbado Oke-Odo and Sura Market, Lagos Island respectively.

    According to Okeyemi, the people should adhere to regulation in the usage of Liquefied Petroleum Gas (LPG).

    She said that the second phase was designed to intensify awareness on the significant benefits of using LPG as alternative fuels to biomass (charcoal, firewood) and kerosene.

    She urged the beneficiaries to keep phones and other materials that were not gas friendly and likely to cause mishaps away during usage.

    “In line with the mandate of the LCCI on promoting conducive business environment, this event is organised to draw awareness to the benefits of LPG use.

    “This is consistent with the goal 7 of the United Nations’ Sustainable Development Goals that aims to ensure access to affordable, reliable, sustainable and modern energy for all.

    “We charge all the beneficiaries across the five areas in Lagos that we visited to employ safety precautions when using gas,” she said.

    In his remarks, Mr Abubakar Folami, LPG Group Chairman, LCCI, noted that the event signalled an end to the pilot programme which started in May.

    Folami said that work would begin to revisit the exercise across all 57 Local Community Development Area via the guidance of the Community Development Chairmen (CDC).

    He lauded all the market leaders, CDC chairmen for their efforts in ensuring that the items got to those that truly needed it to shore up their businesses.

    Responding, Alhaja Raliat Adebayo, Iya Oloja, Sura Market, also lauded LCCI on the initiative and advised the beneficiaries to ensure good use of the items to increase business productivity.

    Also, Alhaji Rasak Noibi, CDC Chairman, Sura, said that LCCI should accommodate more beneficiaries into the scheme to alleviate poverty and improve the standard of living.

    NAN reports that three beneficiaries namely Mrs Sherry John, Alhaja Kehinde Bangbala and Mrs Toyin Okewumi emerged at the sura market exercise on Friday.

    NewsSourceCredit: NAN

  •  Ardova Plc AP has posted a profit of N1 54 billion for the financial year ended Dec 31 2021 The integrated energy company made this known in its audited financial statements and first quarter Q1 2022 unaudited financial results which was released on Thursday in Lagos The statement said however losses from subsidiaries Axles and Cartage and newly acquired Enyo Retail and Supply Ltd created a group net loss position of N3 8 billion It said in Q1 2022 AP s performance showed significant improvements as yields from investments made in 2021 contributed to growth in revenue sales volume and profits Mr Olumide Adeosun Ardova s Chief Executive Officer said 2021 proved to be an eventful year for the company Adeosun said it marked the completion of Ardova s stabilisation strategy with the consequent strengthened balance sheet providing the leverage for the inorganic expansion required to evolve Ardova into an integrated energy company He also highlighted parts of the expansion phase that became material in 2021 In the course of the year we concluded a landmark capital raise of N25 3 billion in an over subscribed bond that was the largest by any downstream company in Nigeria and an indication of investor confidence in Ardova s future We also concluded the acquisition of Enyo Retail and Supply Ltd in a deal that makes our retail network the largest in Nigeria The company also made further investments in cleaner energy infrastructure as it commenced onsite work on its 20 000 metric tonnes Liquefied Petroleum Gas LPG storage facility in Ijora he said According to him Ardova also won a license to operate an Oil Marginal Field following a successful bid in the 2020 round thereby increasing the company s potential for foreign currency revenue generation Adeosun explained that the loss experienced in 2021 was an expected reflection of the strategic inorganic growth programme of the company He said it would not affect the viability of the company especially as some of the immediate benefits of this programme were illustrated by the better year on year YoY performance recorded in its Q1 2022 results Adeosun also stated once fully integrated the acquisitions alongside the AP renewables subsidiary would provide and safeguard Ardova s capacity to thrive as global energy consumption tilts to cleaner sources Mr Moshood Olajide Ardova s Chief Financial Officer noted that the company had continued to deliver on profits Olajide said Ardova ended Q1 with a profit after tax position of N1 6 billion which was a growth of 37 per cent compared to same period in 2021 We also continued to increase our capital expenditure principally in investments that facilitate our strategic expansion and we expect to see returns within a three year window We sustained competitive growth by increasing revenue by 21 per cent YoY Group 50 per cent YoY with the resulting profit of N1 6 billion putting us in a 37 per cent growth YoY position he said Olajide said as a group Ardova was negatively impacted by its subsidiaries Axles amp Cartage Ltd and recently acquired Enyo He said Axles amp Cartage faced operational environment issues while Enyo was presently undergoing a transformation process to drive operational efficiency and profitability NewsSourceCredit NAN
    Ardova posts N1.54bn profit for 2021
     Ardova Plc AP has posted a profit of N1 54 billion for the financial year ended Dec 31 2021 The integrated energy company made this known in its audited financial statements and first quarter Q1 2022 unaudited financial results which was released on Thursday in Lagos The statement said however losses from subsidiaries Axles and Cartage and newly acquired Enyo Retail and Supply Ltd created a group net loss position of N3 8 billion It said in Q1 2022 AP s performance showed significant improvements as yields from investments made in 2021 contributed to growth in revenue sales volume and profits Mr Olumide Adeosun Ardova s Chief Executive Officer said 2021 proved to be an eventful year for the company Adeosun said it marked the completion of Ardova s stabilisation strategy with the consequent strengthened balance sheet providing the leverage for the inorganic expansion required to evolve Ardova into an integrated energy company He also highlighted parts of the expansion phase that became material in 2021 In the course of the year we concluded a landmark capital raise of N25 3 billion in an over subscribed bond that was the largest by any downstream company in Nigeria and an indication of investor confidence in Ardova s future We also concluded the acquisition of Enyo Retail and Supply Ltd in a deal that makes our retail network the largest in Nigeria The company also made further investments in cleaner energy infrastructure as it commenced onsite work on its 20 000 metric tonnes Liquefied Petroleum Gas LPG storage facility in Ijora he said According to him Ardova also won a license to operate an Oil Marginal Field following a successful bid in the 2020 round thereby increasing the company s potential for foreign currency revenue generation Adeosun explained that the loss experienced in 2021 was an expected reflection of the strategic inorganic growth programme of the company He said it would not affect the viability of the company especially as some of the immediate benefits of this programme were illustrated by the better year on year YoY performance recorded in its Q1 2022 results Adeosun also stated once fully integrated the acquisitions alongside the AP renewables subsidiary would provide and safeguard Ardova s capacity to thrive as global energy consumption tilts to cleaner sources Mr Moshood Olajide Ardova s Chief Financial Officer noted that the company had continued to deliver on profits Olajide said Ardova ended Q1 with a profit after tax position of N1 6 billion which was a growth of 37 per cent compared to same period in 2021 We also continued to increase our capital expenditure principally in investments that facilitate our strategic expansion and we expect to see returns within a three year window We sustained competitive growth by increasing revenue by 21 per cent YoY Group 50 per cent YoY with the resulting profit of N1 6 billion putting us in a 37 per cent growth YoY position he said Olajide said as a group Ardova was negatively impacted by its subsidiaries Axles amp Cartage Ltd and recently acquired Enyo He said Axles amp Cartage faced operational environment issues while Enyo was presently undergoing a transformation process to drive operational efficiency and profitability NewsSourceCredit NAN
    Ardova posts N1.54bn profit for 2021
    General news3 months ago

    Ardova posts N1.54bn profit for 2021

    Ardova Plc (AP) has posted a profit of N1.54 billion for the financial year ended Dec. 31, 2021.

    The integrated energy company made this known in its audited financial statements and first quarter (Q1) 2022 unaudited financial results which was released on Thursday in Lagos.

    The statement said, however, losses from subsidiaries Axles and Cartage, and newly acquired Enyo Retail and Supply Ltd. created a group net loss position of N3.8 billion

    It said in Q1 2022, AP’s performance showed significant improvements as yields from investments made in 2021 contributed to growth in revenue, sales volume, and profits.

    Mr Olumide Adeosun, Ardova’s Chief Executive Officer, said 2021 proved to be an eventful year for the company.

    Adeosun said it marked the completion of Ardova’s stabilisation strategy, with the consequent strengthened balance sheet providing the leverage for the inorganic expansion required to evolve Ardova into an integrated energy company.

    He also highlighted parts of the expansion phase that became material in 2021.

    “In the course of the year, we concluded a landmark capital raise of N25.3 billion in an over-subscribed bond that was the largest by any downstream company in Nigeria, and an indication of investor confidence in Ardova’s future.

    “We also concluded the acquisition of Enyo Retail and Supply Ltd. in a deal that makes our retail network the largest in Nigeria.

    “The company also made further investments in cleaner energy infrastructure, as it commenced onsite work on its 20,000 metric tonnes Liquefied Petroleum Gas (LPG) storage facility in Ijora,” he said.

    According to him, Ardova also won a license to operate an Oil Marginal Field following a successful bid in the 2020 round, thereby increasing the company’s potential for foreign currency revenue generation.

    Adeosun explained that the loss experienced in 2021 was an expected reflection of the strategic inorganic growth programme of the company.

    He said it would not affect the viability of the company, especially as some of the immediate benefits of this programme were illustrated by the better year-on-year (YoY) performance recorded in its Q1 2022 results.

    Adeosun also stated once fully integrated, the acquisitions alongside the AP renewables subsidiary would provide and safeguard Ardova’s capacity to thrive as global energy consumption tilts to cleaner sources.

    Mr Moshood Olajide, Ardova’s Chief Financial Officer, noted that the company had continued to deliver on profits.

    Olajide said Ardova ended Q1 with a profit-after-tax position of N1.6 billion, which was a growth of 37 per cent compared to same period in 2021.

    “We also continued to increase our capital expenditure, principally in investments that facilitate our strategic expansion, and we expect to see returns within a three-year window.

    “We sustained competitive growth by increasing revenue by 21 per cent YoY (Group: 50 per cent YoY), with the resulting profit of N1.6 billion putting us in a 37 per cent growth YoY position,” he said.

    Olajide said as a group, Ardova was negatively impacted by its subsidiaries, Axles & Cartage Ltd., and recently acquired Enyo.

    He said Axles & Cartage faced operational environment issues while Enyo was presently undergoing a transformation process to drive operational efficiency and profitability.

    NewsSourceCredit: NAN

  •  The Nigerian LNG Ltd has reiterated its commitment to ensuring 100 per cent Liquefied Petroleum Gas LPG production to the domestic market to support the growth of LPG utilisation in the country The NLNG said it would also help to reduce the health safety and environmental risks associated with the use of other domestic fuel sources Mr Olalekan Ogunleye the Deputy Managing Director NLNG made this known at the Second West Africa LPG Expo and Nigeria Liquefied Petroleum Gas Association NLPGA Summit on Thursday in Lagos The News Agency of Nigeria reports that the summit had as its theme Energising the Future LPG as a sustainable fuel in African Economies Ogunleye said NLNG remained committed to collaborating with regulators partners and industry players to grow the domestic LPG cooking gas market and bring cleaner energy to Nigerians He added that through the supply of LPG NLNG prioritised the supply of clean energy in Nigeria while working collaboratively with the government to grow LPG consumption in Nigeria as part of the national journey to a clean energy future Ogunleye said LPG domestic consumption in the country had increased by 300 per cent from about 60 000 metric tonnes in 2007 to over one million metric tonnes in 2020 He said further that the increase indicated that the domestic market was one of the fastest growing LPG markets in the world Ogunleye said a significant stimulus to the domestic LPG was the declaration by the Federal Government of the Decade of Gas and the support of regulators and industry stakeholders He stated that the declaration had created an enabling environment for investment and deliberate actions designed to ensure that Nigeria takes advantage of the global energy transition while monetising the country s extensive gas reserves Ogunleye said Since the start of the Domestic LPG Supply Scheme in 2007 NLNG has consistently increased both its reserved volumes for the domestic market and actual LPG volumes supplied NLNG intends to maintain this steady growth and supply contribution to the domestic market consistent with its vision of helping to build a better Nigeria Deliveries continue to be made through NLNG s chartered LPG Vessel entirely dedicated to delivering the product to Nigeria to underpin the scheme and ensure a steady supply of products without disruption According to him NLNG will continue to invest in supply logistics infrastructure and security to ensure product supply He said the company had made financial contributions towards refurbishing LPG receiving terminals in Lagos Ogunleye said By so doing it has made a significant economic impact on business development and the creation of employment opportunities NLNG s shareholders through its board have shown a strong commitment to the growth of the DLPG scheme through the consistent increase in reserved LPG volumes for the domestic market He said that with the support NLNG had increased its LPG footprint through the start of domestic propane delivery in September 2021 charting a path for future deliveries Earlier Mr Nuhu Yakubu President NLPGA commended the efforts of the Federal Government to safe handling of LPG and deepening its domestic utilisation Yakubu also lauded the NLNG for the DLPG scheme which had made the most significant impact on domestic LPG supply He said It has catalysed reduction in household energy poverty with reduction in the use of dirty fuel sources for cooking It has also stimulated growth in the industry through its multiplier effect positive impact on forward and backward linkage businesses with massive infrastructure build out that is currently experienced across the value chain today NewsSourceCredit NAN
    NLNG reiterates commitment to 100% LPG production to domestic market
     The Nigerian LNG Ltd has reiterated its commitment to ensuring 100 per cent Liquefied Petroleum Gas LPG production to the domestic market to support the growth of LPG utilisation in the country The NLNG said it would also help to reduce the health safety and environmental risks associated with the use of other domestic fuel sources Mr Olalekan Ogunleye the Deputy Managing Director NLNG made this known at the Second West Africa LPG Expo and Nigeria Liquefied Petroleum Gas Association NLPGA Summit on Thursday in Lagos The News Agency of Nigeria reports that the summit had as its theme Energising the Future LPG as a sustainable fuel in African Economies Ogunleye said NLNG remained committed to collaborating with regulators partners and industry players to grow the domestic LPG cooking gas market and bring cleaner energy to Nigerians He added that through the supply of LPG NLNG prioritised the supply of clean energy in Nigeria while working collaboratively with the government to grow LPG consumption in Nigeria as part of the national journey to a clean energy future Ogunleye said LPG domestic consumption in the country had increased by 300 per cent from about 60 000 metric tonnes in 2007 to over one million metric tonnes in 2020 He said further that the increase indicated that the domestic market was one of the fastest growing LPG markets in the world Ogunleye said a significant stimulus to the domestic LPG was the declaration by the Federal Government of the Decade of Gas and the support of regulators and industry stakeholders He stated that the declaration had created an enabling environment for investment and deliberate actions designed to ensure that Nigeria takes advantage of the global energy transition while monetising the country s extensive gas reserves Ogunleye said Since the start of the Domestic LPG Supply Scheme in 2007 NLNG has consistently increased both its reserved volumes for the domestic market and actual LPG volumes supplied NLNG intends to maintain this steady growth and supply contribution to the domestic market consistent with its vision of helping to build a better Nigeria Deliveries continue to be made through NLNG s chartered LPG Vessel entirely dedicated to delivering the product to Nigeria to underpin the scheme and ensure a steady supply of products without disruption According to him NLNG will continue to invest in supply logistics infrastructure and security to ensure product supply He said the company had made financial contributions towards refurbishing LPG receiving terminals in Lagos Ogunleye said By so doing it has made a significant economic impact on business development and the creation of employment opportunities NLNG s shareholders through its board have shown a strong commitment to the growth of the DLPG scheme through the consistent increase in reserved LPG volumes for the domestic market He said that with the support NLNG had increased its LPG footprint through the start of domestic propane delivery in September 2021 charting a path for future deliveries Earlier Mr Nuhu Yakubu President NLPGA commended the efforts of the Federal Government to safe handling of LPG and deepening its domestic utilisation Yakubu also lauded the NLNG for the DLPG scheme which had made the most significant impact on domestic LPG supply He said It has catalysed reduction in household energy poverty with reduction in the use of dirty fuel sources for cooking It has also stimulated growth in the industry through its multiplier effect positive impact on forward and backward linkage businesses with massive infrastructure build out that is currently experienced across the value chain today NewsSourceCredit NAN
    NLNG reiterates commitment to 100% LPG production to domestic market
    General news3 months ago

    NLNG reiterates commitment to 100% LPG production to domestic market

    The Nigerian LNG Ltd. has reiterated its commitment to ensuring 100 per cent Liquefied Petroleum Gas (LPG) production to the domestic market to support the growth of LPG utilisation in the country.

    The NLNG said it would also help to reduce the health, safety and environmental risks associated with the use of other domestic fuel sources.

    Mr Olalekan Ogunleye, the Deputy Managing Director, NLNG, made this known at the Second West Africa LPG Expo and Nigeria Liquefied Petroleum Gas Association (NLPGA) Summit, on Thursday in Lagos.

    The News Agency of Nigeria reports that the summit had as its theme: “Energising the Future: LPG as a sustainable fuel in African Economies.”

    Ogunleye said NLNG remained committed to collaborating with regulators, partners, and industry players to grow the domestic LPG (cooking gas) market and bring cleaner energy to Nigerians.

    He added that through the supply of LPG, NLNG prioritised the supply of clean energy in Nigeria while working collaboratively with the government to grow LPG consumption in Nigeria as part of the national journey to a clean energy future.

    Ogunleye said LPG domestic consumption in the country had increased by 300 per cent, from about 60,000 metric tonnes in 2007 to over one million metric tonnes in 2020.

    He said further that the increase indicated that the domestic market was one of the fastest-growing LPG markets in the world.

    Ogunleye said a significant stimulus to the domestic LPG was the declaration by the Federal Government of the ”Decade of Gas” and the support of regulators and industry stakeholders.

    He stated that the declaration had created an enabling environment for investment and deliberate actions designed to ensure that Nigeria takes advantage of the global energy transition while monetising the country’s extensive gas reserves.

    Ogunleye said: “Since the start of the Domestic LPG Supply Scheme in 2007, NLNG has consistently increased both its reserved volumes for the domestic market and actual LPG volumes supplied.

    “NLNG intends to maintain this steady growth and supply contribution to the domestic market, consistent with its vision of helping to build a better Nigeria.

    “Deliveries continue to be made through NLNG’s chartered LPG Vessel, entirely dedicated to delivering the product to Nigeria to underpin the scheme and ensure a steady supply of products without disruption.”

    According to him, NLNG will continue to invest in supply logistics, infrastructure and security to ensure product supply.

    He said the company had made financial contributions towards refurbishing LPG receiving terminals in Lagos.

    Ogunleye said: “By so doing, it has made a significant economic impact on business development and the creation of employment opportunities.

    “NLNG’s shareholders, through its board, have shown a strong commitment to the growth of the DLPG scheme through the consistent increase in reserved LPG volumes for the domestic market. ”

    He said that with the support, NLNG had increased its LPG footprint through the start of domestic propane delivery in September 2021, charting a path for future deliveries.

    Earlier, Mr Nuhu Yakubu, President, NLPGA, commended the efforts of the Federal Government to safe handling of LPG and deepening its domestic utilisation.

    Yakubu also lauded the NLNG for the DLPG scheme which had made the most significant impact on domestic LPG supply.

    He said: “It has catalysed reduction in household energy poverty with reduction in the use of dirty fuel sources for cooking.

    “It has also stimulated growth in the industry, through its multiplier effect, positive impact on forward and backward linkage businesses with massive infrastructure build out that is currently experienced across the value chain today.”


    NewsSourceCredit: NAN

  •  The cost of cooking gas also known as Liquefied Petroleum Gas LPG has drastically increased in Enugu the capital of Enugu State the News Agency of Nigeria reports NAN investigation shows that in many areas of the city the increase varies according to the point of buying the product In Awkunanaw area of the state several retail outlets sell a kilogram of gas at between N780 and N800 as against the former price of N720 and N750 However a mini gas depot in the same area sells the product at a reduced price of N725 per kilo two kilograms goes for N1 500 while a 2 5kg goes for N1900 and three kilograms for N2 250 On why the change in price of the product an official of the depot told NAN on the condition of anonymity that the price of gas was not stable This price schedule can change any time You may come here tomorrow and discover that the price has gone up or come down it all depends on the suppliers the official said Another gas depot at Top Land area Solution Gas Depot sells three kilogram of gas at N2 600 while five kilograms goes for N3 600 NAN also visited another retail outlet on Edinbough Road in the heart of Enugu metropolis where a kilogram of gas goes for N850 Another retail outlet at Obiagu also sells a kilo of gas at N850 The seller Mr Ugochukwu Nweze explained that the price was not constant as it could change anytime Even today this price can change again it depends on where you buy your product If you buy from a depot that is far from your shop you have to add transportation and every other cost probably that is the reason for different prices he said NAN
    Price of cooking gas rises in Enugu
     The cost of cooking gas also known as Liquefied Petroleum Gas LPG has drastically increased in Enugu the capital of Enugu State the News Agency of Nigeria reports NAN investigation shows that in many areas of the city the increase varies according to the point of buying the product In Awkunanaw area of the state several retail outlets sell a kilogram of gas at between N780 and N800 as against the former price of N720 and N750 However a mini gas depot in the same area sells the product at a reduced price of N725 per kilo two kilograms goes for N1 500 while a 2 5kg goes for N1900 and three kilograms for N2 250 On why the change in price of the product an official of the depot told NAN on the condition of anonymity that the price of gas was not stable This price schedule can change any time You may come here tomorrow and discover that the price has gone up or come down it all depends on the suppliers the official said Another gas depot at Top Land area Solution Gas Depot sells three kilogram of gas at N2 600 while five kilograms goes for N3 600 NAN also visited another retail outlet on Edinbough Road in the heart of Enugu metropolis where a kilogram of gas goes for N850 Another retail outlet at Obiagu also sells a kilo of gas at N850 The seller Mr Ugochukwu Nweze explained that the price was not constant as it could change anytime Even today this price can change again it depends on where you buy your product If you buy from a depot that is far from your shop you have to add transportation and every other cost probably that is the reason for different prices he said NAN
    Price of cooking gas rises in Enugu
    Economy4 months ago

    Price of cooking gas rises in Enugu

    The cost of cooking gas, also known as Liquefied Petroleum Gas (LPG) has drastically increased in Enugu, the capital of Enugu State, the News Agency of Nigeria reports.NAN investigation shows that in many areas of the city, the increase varies according to the point of buying the product.In Awkunanaw area of the state,  several retail outlets sell a kilogram of gas at between N780 and N800 as against the former price of N720 and N750.However, a mini gas depot in the same area, sells the product at a reduced price of N725 per kilo; two kilograms goes for N1,500; while a 2.5kg goes for N1900 and three kilograms for N2,250.On why the change in price of the product, an official of the depot told NAN on the condition of anonymity that the price of gas was not stable.“This price schedule can change any time. You may come here tomorrow and discover that the price has gone up or come down; it all depends on the suppliers, “the official said.Another gas depot at Top Land area, Solution Gas Depot sells three kilogram of gas at N2,600 while five kilograms goes for N3, 600.NAN also visited another retail outlet on Edinbough Road in the heart of Enugu metropolis where a kilogram of gas goes for N850.Another retail outlet at Obiagu also sells a kilo of gas at N850.The seller, Mr Ugochukwu Nweze explained that the price was not constant as it could change anytime.“Even today, this price can change, again it depends on where you buy your product.“If you buy from a depot that is far from your shop, you have to add transportation and every other cost, probably that is the reason for different prices, ” he said.

    (NAN)

  •  The Nigerian Content Development and Monitoring Board NCDMB has lauded the signing of an agreement between an indigenous shipping company Temile Development Company and Hyundai Mipo Dockyard HMD of South Korea A statement by the NCDMB s Corporate Communications on Wednesday in Lagos said Mr Simbi Wabote Executive Secretary NCDMB made the commendation in a video message at the signing of the agreement by the parties in south Korea The statement said the agreement was for the construction of a new 23 000 cubic meters Liquefied Petroleum Gas LPG carrier vessel It said the new LPG carrier is expected for delivery on July 26 2023 at HMD in Ulsan Korea The statement said the company also signed a separate agreement with NSML an integrated maritime services subsidiary of Nigeria LNG Ltd for the construction and supervision of the vessel It said the LPG carrier vessel was the second that was being constructed by the Temile Development Company and sequel to the first vessel which was constructed in 2018 According to the statement the first vessel is currently chartered to Nigeria LNG Ltd for domestic LPG supply It said Wabote saluted Temile Development Company for its bullish initiative in investing in an area that was 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 Wabote noted that the deal aligned with the board s strategic plan of maximising the potential in the midstream and downstream sectors of the Nigerian oil and gas industry He added that this was especially as the oil and gas industry strives to actualise the Decade of Gas policy of the Federal Government Wabote said 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 would bring invaluable local content opportunities in technology and innovation human capital development and research and development The NCDMB s boss commended Hyundai for the work it was doing at the Brass Shipyard and other investment projects in Nigeria that would support the repair of vessels He also applauded NLNG for the strategic initiative of deploying 100 per cent LPG to the local market to close the gap in respect of LPG penetration in country Wabote added that the company had helped in reducing cost as well as creating a cleaner source of energy for our people On his part Temile s Chief Executive Mr Alfred Temile said the company was delighted to execute the construction of its new LPG carrier with HMD Temile said the company was bringing onboard NSML to supervise the construction as an indigenous company He said 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 Having taken delivery of our first LPG carrier vessel which is currently chartered to Nigeria LNG Ltd 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 Working with HMD again makes us feel in very safe hands as we are confident that this eco 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 NAN
    NCDMB lauds Temile/Hyundai deal to build new LPG vessel
     The Nigerian Content Development and Monitoring Board NCDMB has lauded the signing of an agreement between an indigenous shipping company Temile Development Company and Hyundai Mipo Dockyard HMD of South Korea A statement by the NCDMB s Corporate Communications on Wednesday in Lagos said Mr Simbi Wabote Executive Secretary NCDMB made the commendation in a video message at the signing of the agreement by the parties in south Korea The statement said the agreement was for the construction of a new 23 000 cubic meters Liquefied Petroleum Gas LPG carrier vessel It said the new LPG carrier is expected for delivery on July 26 2023 at HMD in Ulsan Korea The statement said the company also signed a separate agreement with NSML an integrated maritime services subsidiary of Nigeria LNG Ltd for the construction and supervision of the vessel It said the LPG carrier vessel was the second that was being constructed by the Temile Development Company and sequel to the first vessel which was constructed in 2018 According to the statement the first vessel is currently chartered to Nigeria LNG Ltd for domestic LPG supply It said Wabote saluted Temile Development Company for its bullish initiative in investing in an area that was 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 Wabote noted that the deal aligned with the board s strategic plan of maximising the potential in the midstream and downstream sectors of the Nigerian oil and gas industry He added that this was especially as the oil and gas industry strives to actualise the Decade of Gas policy of the Federal Government Wabote said 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 would bring invaluable local content opportunities in technology and innovation human capital development and research and development The NCDMB s boss commended Hyundai for the work it was doing at the Brass Shipyard and other investment projects in Nigeria that would support the repair of vessels He also applauded NLNG for the strategic initiative of deploying 100 per cent LPG to the local market to close the gap in respect of LPG penetration in country Wabote added that the company had helped in reducing cost as well as creating a cleaner source of energy for our people On his part Temile s Chief Executive Mr Alfred Temile said the company was delighted to execute the construction of its new LPG carrier with HMD Temile said the company was bringing onboard NSML to supervise the construction as an indigenous company He said 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 Having taken delivery of our first LPG carrier vessel which is currently chartered to Nigeria LNG Ltd 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 Working with HMD again makes us feel in very safe hands as we are confident that this eco 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 NAN
    NCDMB lauds Temile/Hyundai deal to build new LPG vessel
    General news4 months ago

    NCDMB lauds Temile/Hyundai deal to build new LPG vessel

    The Nigerian Content Development and Monitoring Board (NCDMB) has lauded the signing of an agreement between an indigenous shipping company, Temile Development Company and Hyundai Mipo Dockyard (HMD) of South Korea.

    A statement by the NCDMB’s Corporate Communications on Wednesday in Lagos said Mr Simbi Wabote, Executive Secretary, NCDMB, made the commendation in a video message at the signing of the agreement by the parties in south Korea.

    The statement said the agreement was for the construction of a new 23,000 cubic meters Liquefied Petroleum Gas (LPG) carrier vessel.

    It said the new LPG carrier is expected for delivery on July 26, 2023 at HMD in Ulsan, Korea.

    The statement said the company also signed a separate agreement with NSML – an integrated maritime services subsidiary of Nigeria LNG Ltd. for the construction and supervision of the vessel.

    It said the LPG carrier vessel was the second that was being constructed by the Temile Development Company and sequel to the first vessel which was constructed in 2018.

    According to the statement, the first vessel is currently chartered to Nigeria LNG Ltd for domestic LPG supply.

    It said Wabote saluted Temile Development Company for its bullish initiative in investing in an area that was 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.

    Wabote noted that the deal aligned with the board’s strategic plan of maximising the potential in the midstream and downstream sectors of the Nigerian oil and gas industry.

    He added that this was especially as the oil and gas industry strives to actualise the Decade of Gas policy of the Federal Government.

    Wabote said, “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 would bring invaluable local content opportunities in technology and innovation, human capital development and research and development.

    The NCDMB’s boss commended Hyundai for the work it was doing at the Brass Shipyard and other investment projects in Nigeria that would support the repair of vessels.

    He also applauded NLNG for the strategic initiative of deploying 100 per cent LPG to the local market to close the gap in respect of LPG penetration in-country.

    Wabote added that the company had helped in reducing cost as well as creating a cleaner source of energy for our people.

    On his part, Temile’s Chief Executive, Mr Alfred Temile, said the company was delighted to execute the construction of its new LPG carrier with HMD.

    Temile said the company was bringing onboard NSML to supervise the construction, as an indigenous company.

    He said: “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.

    “Having taken delivery of our first LPG carrier vessel which is currently chartered to Nigeria LNG Ltd 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.

    “Working with HMD again makes us feel in very safe hands as we are confident that this eco- 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.”


    (NAN)

  •  Nigeria s Temile Development Company has awarded contracts to Hyundai Mipo Dockyard HMD and NLNG Shipping Management Limited NSML for construction and supervision of a 23 000 cubic meters Liquefied Petroleum Gas LPG Carrier Vessel Temile Development Company signed the contracts with HMD and NSML at the World Gas Conference on Wednesday in Daegu South Korea The Chief Executive Officer Temile Development Company Mr Alfred Temile said in a statement that the HMD s highly efficient eco fuel vessel would be constructed in line with international best practices and industrial regulations Temile also disclosed that NSML as an indigenous company would supervise the construction of the vessel expected to be delivered on July 26 2023 Today May 25 2022 at the WGC2022 in Daegu Korea Temile Development Company celebrated a dual contract signing agreements for the construction of a new 23 000 cubic meters Liquefied Petroleum Gas Carrier Vessel With Hyundai Mipo Dockyard HMD and with NSML for the construction supervision of the 23 000 cubic 3 Carrier at HMD We are delighted to execute the construction of our new LPG carrier with HMD and bringing onboard NSML to supervise the construction as an indigenous company he said According to him 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 Working with HMD again makes us feel in very safe hands as we are confident that this eco 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 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 Temile stated NAN
    Temile Coy contracts Hyundai, NSML to construct world-class LPG vessel
     Nigeria s Temile Development Company has awarded contracts to Hyundai Mipo Dockyard HMD and NLNG Shipping Management Limited NSML for construction and supervision of a 23 000 cubic meters Liquefied Petroleum Gas LPG Carrier Vessel Temile Development Company signed the contracts with HMD and NSML at the World Gas Conference on Wednesday in Daegu South Korea The Chief Executive Officer Temile Development Company Mr Alfred Temile said in a statement that the HMD s highly efficient eco fuel vessel would be constructed in line with international best practices and industrial regulations Temile also disclosed that NSML as an indigenous company would supervise the construction of the vessel expected to be delivered on July 26 2023 Today May 25 2022 at the WGC2022 in Daegu Korea Temile Development Company celebrated a dual contract signing agreements for the construction of a new 23 000 cubic meters Liquefied Petroleum Gas Carrier Vessel With Hyundai Mipo Dockyard HMD and with NSML for the construction supervision of the 23 000 cubic 3 Carrier at HMD We are delighted to execute the construction of our new LPG carrier with HMD and bringing onboard NSML to supervise the construction as an indigenous company he said According to him 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 Working with HMD again makes us feel in very safe hands as we are confident that this eco 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 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 Temile stated NAN
    Temile Coy contracts Hyundai, NSML to construct world-class LPG vessel
    Foreign4 months ago

    Temile Coy contracts Hyundai, NSML to construct world-class LPG vessel

    Nigeria’s Temile Development Company has awarded contracts to Hyundai Mipo Dockyard (HMD) and NLNG Shipping Management Limited (NSML) for construction and supervision of a 23,000 cubic meters Liquefied Petroleum Gas (LPG) Carrier Vessel.

    Temile Development Company signed the contracts with HMD and NSML at the World Gas Conference on Wednesday in Daegu, South Korea.

    The  Chief Executive Officer, Temile Development Company, Mr Alfred Temile, said in a statement that the HMD’s highly efficient eco- fuel vessel would be constructed in line with international best practices and industrial regulations.

    Temile also disclosed that NSML as an indigenous company would supervise the construction of the vessel expected to be delivered on July 26, 2023.

    “Today, May 25, 2022, at the WGC2022 in Daegu, Korea, Temile Development Company celebrated a dual contract signing agreements for the construction of a new 23,000 cubic meters Liquefied Petroleum Gas Carrier Vessel.

    “With Hyundai Mipo Dockyard (HMD) and with NSML for the construction supervision of the 23,000 cubic 3 Carrier at HMD.

    “We are delighted to execute the construction of our new LPG carrier with HMD and bringing onboard NSML to supervise the construction as an indigenous company,” he said.

    According to him, 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.

    “Working with HMD again makes us feel in very safe hands as we are confident that this eco- 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.

    “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,’’ Temile stated.



    (NAN)

  •  The Nigerian Ports Authority NPA on Tuesday said 25 ships bearing 7 000 Metric Tonnes MT of Liquefied Petroleum Gas LPG and others are expected to arrive at the port The NPA in its daily Shipping Position said the ships laden with petroleum products food items and others were expected to arrive at the Lagos Port Complex from April 19 to April 30 It said that the ships also contained general cargo container bulk sugar butane gas bulk wheat salt bulk gypsum soda ash jet fuel bulk urea base oil automobile gasoline and petrol NPA added that another five ships had arrived the ports waiting to berth with bulk sugar container automobile gasoline and general cargo The organisation said that 22 other ships were at the ports discharging bulk wheat general cargo frozen fish base oil salt automobile gasoline soda ash bulk fertilizer container and petrol NAN CAN MAM JNCEdited Chinyere Joel Nwokeoma Source Credit NAN
    7,000 MT of LPG, others expected at Lagos ports – NPA
     The Nigerian Ports Authority NPA on Tuesday said 25 ships bearing 7 000 Metric Tonnes MT of Liquefied Petroleum Gas LPG and others are expected to arrive at the port The NPA in its daily Shipping Position said the ships laden with petroleum products food items and others were expected to arrive at the Lagos Port Complex from April 19 to April 30 It said that the ships also contained general cargo container bulk sugar butane gas bulk wheat salt bulk gypsum soda ash jet fuel bulk urea base oil automobile gasoline and petrol NPA added that another five ships had arrived the ports waiting to berth with bulk sugar container automobile gasoline and general cargo The organisation said that 22 other ships were at the ports discharging bulk wheat general cargo frozen fish base oil salt automobile gasoline soda ash bulk fertilizer container and petrol NAN CAN MAM JNCEdited Chinyere Joel Nwokeoma Source Credit NAN
    7,000 MT of LPG, others expected at Lagos ports – NPA
    Economy5 months ago

    7,000 MT of LPG, others expected at Lagos ports – NPA

    The Nigerian Ports Authority (NPA) on Tuesday said 25 ships bearing 7,000 Metric Tonnes (MT) of Liquefied Petroleum Gas (LPG) and others are expected to arrive at the port.

    The NPA in its daily Shipping Position said the ships laden with petroleum products, food items and others were expected to arrive at the Lagos Port Complex from April 19 to April 30.

    It said that the ships also contained general cargo, container, bulk sugar, butane gas, bulk wheat, salt, bulk gypsum, soda ash, jet fuel, bulk urea, base oil, automobile gasoline and petrol.

    NPA added that another five ships had arrived the ports waiting to berth with bulk sugar, container, automobile gasoline and general cargo.

    The organisation said that 22 other ships were at the ports discharging bulk wheat, general cargo, frozen fish, base oil, salt, automobile gasoline, soda ash, bulk fertilizer, container and petrol. (NAN)CAN/MAM/JNCEdited /Chinyere Joel-Nwokeoma

    Source Credit: NAN

  •  The Kogi government has banned charcoal production in all 21 local government areas of the state Environment Commissioner Mr Victor Omofaiye revealed this in a statement on Saturday He said that charcoal production in Kogi was illegal and highly prohibited He said that any person or group of people caught producing or in possession of firewood would be arrested and prosecuted in court Any vehicle that is caught transporting charcoal will be seized from the State Government he said reports that the sale of charcoal has become a lucrative business in Kogi due to its high demand as a result of the high cost of domestic cooking gas and kerosene Liquefied Petroleum Gas LPG also known as cooking gas which used to be sold at N250 and N350 per kg shot up to between N650 and N750 per kg while kerosene jumped from N220 to N350 per litre Residents who couldn t afford high gas and kerosene prices were left with no choice but to use charcoal This development had caused many people to venture into the business of producing and trading charcoal for their domestic needs as well as making a good profit The investigation revealed that a bag of charcoal which used to sell for 900 1 200 naira in Lokoja is now selling for 1 800 2 200 naira due to high demand
    Kogi bans charcoal production
     The Kogi government has banned charcoal production in all 21 local government areas of the state Environment Commissioner Mr Victor Omofaiye revealed this in a statement on Saturday He said that charcoal production in Kogi was illegal and highly prohibited He said that any person or group of people caught producing or in possession of firewood would be arrested and prosecuted in court Any vehicle that is caught transporting charcoal will be seized from the State Government he said reports that the sale of charcoal has become a lucrative business in Kogi due to its high demand as a result of the high cost of domestic cooking gas and kerosene Liquefied Petroleum Gas LPG also known as cooking gas which used to be sold at N250 and N350 per kg shot up to between N650 and N750 per kg while kerosene jumped from N220 to N350 per litre Residents who couldn t afford high gas and kerosene prices were left with no choice but to use charcoal This development had caused many people to venture into the business of producing and trading charcoal for their domestic needs as well as making a good profit The investigation revealed that a bag of charcoal which used to sell for 900 1 200 naira in Lokoja is now selling for 1 800 2 200 naira due to high demand
    Kogi bans charcoal production
    Environment7 months ago

    Kogi bans charcoal production

    The Kogi government has banned charcoal production in all 21 local government areas of the state.Environment Commissioner Mr. Victor Omofaiye revealed this in a statement on Saturday.He said that charcoal production in Kogi was illegal and highly prohibited.He said that any person or group of people caught producing or in possession of firewood would be arrested and prosecuted in court."Any vehicle that is caught transporting charcoal will be seized from the State Government," he said.reports that the sale of charcoal has become a lucrative business in Kogi due to its high demand as a result of the high cost of domestic cooking gas and kerosene.Liquefied Petroleum Gas (LPG), also known as cooking gas, which used to be sold at N250 and N350 per kg, shot up to between N650 and N750 per kg, while kerosene jumped from N220 to N350 per litre.Residents who couldn't afford high gas and kerosene prices were left with no choice but to use charcoal.This development had caused many people to venture into the business of producing and trading charcoal for their domestic needs as well as making a good profit.The investigation revealed that a bag of charcoal which used to sell for 900-1,200 naira in Lokoja is now selling for 1,800-2,200 naira due to high demand.