Politics
JUST IN: Strategic Investment In Oil And Gas, Oborevwori Takes Decisive Steps To Stimulate Delta’s Economic Growth
JUST IN: Strategic Investment In Oil And Gas, Oborevwori Takes Decisive Steps To Stimulate Delta’s Economic Growth....KINDLY READ THE FULL STORY HERE▶
In a groundbreaking move aimed at catalyzing local economic growth and fostering job creation, the Delta State Government officially sealed a Shareholders Agreement (SHA) deal on Tuesday. The agreement, inked with the Nigeria National Petroleum Company Limited (NNPCL) and UTM Offshore Limited, paves the way for the construction of Nigeria’s inaugural Floating Liquefied Natural Gas (FLNG) project, boasting a substantial capacity of 1.8 billion metric tons per annum…CONTINUE READING
Representing Delta State, the Secretary to the State Government, Dr. Kingsley Emu, executed the agreement, witnessed by Mr. Omamuzo Erebe, the Solicitor General and Permanent Secretary of the Ministry of Justice. On behalf of UTM Offshore Limited and NNPC Limited, the Group Managing Director, Mr. Julius Rone, and the Group Chief Executive Officer, Mr. Mele Kyari, respectively, formalized their commitment to the project.
Under the agreement, UTM Offshore emerged as the primary investor, securing a commanding 72 percent stake, while NNPC Limited and the Delta State Government secured 20 percent and 8 percent stakes, respectively.
Speaking at the signing ceremony in Abuja, Delta State Governor Rt. Hon Sheriff Oborevwori emphasized the historic nature of the UTM FLNG Project as the first developed by an indigenous private company in Nigeria. Governor Oborevwori expressed the state’s strategic interest, highlighting Delta’s role as the host to 40 percent of Nigeria’s proven gas reserve.
Governor Oborevwori underscored the myriad benefits, including the expected production of over 300,000 metric tonnes of Liquefied Petroleum Gas (LPG) for the domestic market, environmental impact reduction through decreased gas flaring, and the creation of job opportunities for the youth.
NNPC Limited’s Group Chief Executive Officer, Mr. Mele Kyari, lauded Delta State’s dual role as a supporter and investor in gas development. He reiterated NNPC’s commitment to ensuring timely and budget-compliant project completion, emphasizing the pivotal role of gas in Nigeria’s economic landscape.
The Minister of State Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, stressed the urgency of monetizing the country’s vast gas reserves for economic development.
In a related development, Governor Oborevwori signed the State’s 2024 Appropriation Bill, totaling N724,979,313,867 billion. The budget, tagged “Budget of Hope and Optimism,” aims to propel the state’s economy towards sustainable growth, fostering both domestic and foreign investments.
Governor Oborevwori also received Samuel Erukoghene Okoro, who cycled 1,200km from Damaturu in Yobe State to Asaba, as a gesture of appreciation for the state’s good governance principles.
The governor, in various instances, urged Nigerians to celebrate their parents, emphasized ethical journalism during a meeting with the Nigeria Union of Journalists, and reaffirmed the commitment to media development in the state.
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Source; Bushradiogist
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