BUA Group, one of Africa’s largest conglomerates, signed a contract with CIMC Enric, a leading global energy equipment firm, to establish the mini LNG project in the country.
The 700-ton-per-day Liquefied Natural Gas (LNG) project by BUA Group is believed to create jobs to boost the nation's growth as it aligns with the Nigerian government’s decade of gas commitment.
The agreement was signed on Monday, December 18, 2023, at the BUA headquarters in Lagos, Nigeria.
Speaking on this project, Abdul Samad Rabiu, the chairman of BUA Group, said BUA is dedicated to utilizing cleaner, energy-efficient sources for its operations across Nigeria in line with its short-to-long-term ESG commitments and sustainability initiatives.
Rabiu said that BUA already utilizes gas as a significant energy source across its over 1,000 MW captive power plants used for its operations across Nigeria; the mini LNG project, on completion, will enhance the all-year availability of cleaner energy and support BUA’s growing industrial power demands.
Statista said that in Nigeria in 2022, natural gas demand will hit 12.12 billion standard cubic meters (428.01 billion standard cubic feet). It also reveals that it increased to almost 10.11 billion standard cubic meters in 2021.
Meanwhile, with six trains, the Nigeria terminal has an LNG production capacity of 21.9 Mtpa (million tons per annum), expected to increase to 29.9 Mtpa by 2030.
“We are excited about the prospects of this project and look forward to a fruitful collaboration with CIMC Enric,” Rabiu added.
The partnership will strengthen BUA Group’s expansion in the energy sector and reaffirm the firm's commitment to sustainable energy solutions across its business operations.
Read more: https://www.investingport.com/bua-g...h-cimc-enric-for-a-700-tons-mini-lng-project/