NNPC, Sahara Group invest $300 million in gas carriers

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At the Hyundai MIPO Shipyard in Ulsan, South Korea, the Nigerian National Petroleum Company (NNPC) Limited and the Sahara Group, an indigenous energy and infrastructure conglomerate, received two 23,000 Cubic Meter (CBM) Liquefied Petroleum Gas (LPG) vessels yesterday.

The new vessels, MT BARUMK and MT SAPET, have increased NNPC and Sahara Group’s joint venture (JV) investment to over $300 million, bringing the JV’s gas infrastructure commitment to $1 billion by 2026 closer.
MT Sahara Gas and MT Africa Gas previously served in the fleet. Hyundai MIPO Dockyard, a leading global mid-sized carrier manufacturer, constructed the four vessels. Africa’s transition to cleaner fuels will be aided by the addition of 10 vessels over the next ten years. WAGL and Sahara Group’s investments in the JV are MT BARUMK and MT SAPET.
WAGL Energy Limited, a joint venture between NNPC and Oceanbed, a Sahara Group company, is driving NNPC’s five-year $1 billion investment plan announced last year to speed up the decade-long gas and energy transition agenda.
Mele Kyari, Group Managing Director of NNPC Limited, said an order for three more new vessels was being finalised, with the partners aiming to deliver ten vessels in the next ten years.

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“In our energy transition quest, the NNPC and our partners stand out with integrity, and our commitment to environmental sustainability is unwavering,” said Kyari.
The vessels, he said, were critical in driving the Federal Government’s commitment to domestication of gas through a number of initiatives, as well as increasing continuous supply in line with President Muhammadu Buhari’s mandate.
According to him, the LPG Penetration Framework and LPG Expansion Plan are aimed at encouraging the use of gas in households, power generation, auto-gas, and industrial applications, with the goal of reaching five million metric tonnes of LPG consumption by 2025.

Temitope Shonubi, Executive Director of the Sahara Group, said WAGL has operated two mid-sized LPG carriers in the region, MT Africa Gas and MT Sahara Gas, in accordance with international standards, delivering over six million CBM of LPG across West Africa.

“We are poised to promote and lead Africa’s energy transition with the new vessels,” Shonubi said.

The Federal Government’s representative in South Korea, Ali Magashi, said President Muhammad Buhari deserved praise for the Petroleum Industry Act (PIA), which he said would reposition the NNPC to explore more projects with partners such as the Sahara Group.

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LPG has been the fastest-growing petroleum product in Sub-Saharan Africa over the last decade, with forecasts predicting a 7% compound annual growth rate (CAGR) for the next 15 years.

Increased LPG use will lower net GHG emissions and put less strain on forest reserves, improving environmental sustainability.

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