The Nigerian National Petroleum Company Limited (NNPC Ltd) has commenced discussions with a South Korean consortium led by Daewoo E & C to develop gas projects in Nigeria.
In a statement by Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, revealed that the discussions in Seoul, South Korea, were focused on strengthening NNPC Ltd’s commitment to tap into Nigeria’s abundant gas reserves and become a global supplier of clean and affordable energy.
South Korea, a major hub for Liquefied Natural Gas (LPG) exports, expressed interest in partnering with the consortium and the Korean Export-Import Bank. They aim to further explore investment discussions in greenfield projects and other gas development opportunities in Nigeria.
According to Soneye, the ongoing talks are expected to culminate in the formalization of a Memorandum of Understanding (MoU), facilitating strategic foreign direct investment.
This initiative aligns with the policies of President Bola Ahmed Tinubu’s administration, which aims to make Nigeria an attractive destination for global investors.