Lagos Free Zone (LFZ)

  • Land: Nigeria

Nachricht vom 25.05.2022 | 19:14

Falcon Corporation, ND Western & FHN Consortium Sign Gas Infrastructure Development Agreement with Lagos Free Zone

DGAP-News: Lagos Free Zone (LFZ) / Key word(s): Agreement
Falcon Corporation, ND Western & FHN Consortium Sign Gas Infrastructure Development Agreement with Lagos Free Zone
25.05.2022 / 19:14
The issuer is solely responsible for the content of this announcement.

PRESS RELEASE

Falcon Corporation, ND Western & FHN consortium sign Gas Infrastructure Development Agreement with Lagos Free Zone

LAGOS, Nigeria, May 25, 2022/APO Group/ - A consortium of Falcon Corporation, ND Western Midstream Limited & FHN Gas Limited, has been selected to build exclusively, own, and operate a Natural Gas distribution infrastructure network within the Lagos Free Zone (LFZ) (https://LagosFreeZone.com). To actualize this opportunity, the Consortium shall incorporate a Special Purpose Vehicle (SPV): Optimera Energy LFZ Enterprise (Optimera Energy) within the Lagos Free Zone (LFZ).

The consortium parties signed a Gas Infrastructure Development Agreement with the Lagos Free Zone to formalize this engagement. The signing ceremony was held on Monday, May 16, 2022 at the Corporate Head Office of LFZ in Victoria Island, Lagos.

At the event, Mrs. Audrey Joe-Ezigbo, MD, Optimera Energy, said, “The Optimera consortium is made up of like-minded shareholders passionate about a common goal: accelerating the further growth of domestic gas utilization in Nigeria. Having reliable dedicated gas supply infrastructure installed in the LFZ adds tremendous value to existing industrial concerns and will increase the Zone’s attractiveness to future customers.”

Ezigbo noted that the endeavour would be a big step towards actualizing the objectives of the ‘Decade of Gas’ initiative, of which gas-based industrial growth is a significant part. “The Petroleum Industry Act (PIA) provides the necessary regulatory environment for projects such as these to succeed in Nigeria. We look forward to working collaboratively with the Nigerian Midstream & Downstream Regulatory Authority (NMDPRA) in this project’s development and operation phases.”

“The Consortium members bring over 50 years of experience and expertise in operating across the Natural Gas value chain from upstream production in the Niger Delta to downstream distribution to industries in Lagos. Our dedicated Project Team will work diligently with a strict adherence to the highest standards of safety, operational excellence, and regulatory compliance to deliver this project on time and under budget, as we have done within our respective portfolios.”

The Managing Director & CEO of LFZ, Mr. Dinesh Rathi, during his interaction with the press, remarked, “In our continued efforts at Lagos Free Zone to provide a world-class industrial ecosystem that enhances the competitive positioning of Nigeria as a manufacturing hub, our partnership with the consortium of Falcon Corporation, ND Western Midstream Limited & FHN Gas Limited, is a landmark development.

With Lekki Port’s construction slated to be completed in December 2022, we needed to secure a reliable arrangement to meet the energy needs of our fast-growing tenant base, and we are confident that our partnership with the Consortium would help us realize the same. This is a unique transaction in the history of Nigeria’s downstream sector wherein a consortium formed of reputable upstream, midstream, and downstream companies have come together to ensure gas supply to LFZ, the sunrise economic epicentre of West Africa. Under this arrangement, the Consortium, through their special purpose vehicle, Optimera Energy, would deliver uninterrupted piped gas by early 2024 to all the enterprises within the Lagos Free Zone. We welcome the Consortium on this collective journey towards unlocking Nigeria’s true potential.”

Distributed by APO Group on behalf of Lagos Free Zone (LFZ).

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25.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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