Details Of Tinubu’s Meeting With UTM FLNG Ltd Officials Emerge

The details of the meeting between President Bola Ahmed Tinubu and officials of UTM FLNG Ltd. have emerged.

Naija News earlier reported that the President met with the Group Managing Director of UTM FLNG Ltd, Julius Rone, and his team at the State House in Abuja.

Speaking with State House Correspondents in Abuja after the meeting, Rone said President Tinubu has assured genuine local and foreign investors of his administration’s commitment to providing a conducive environment.

He stated that the President had backed the implementation of a $5bn floating Liquefied Natural Gas project expected to supply 40 per cent of the nation’s gas needs by Q4 2026.

Rone revealed that the multi-floating LNGs are being implemented with a $5bn loan from AFRIEXIM Bank, adding that the loan removes financing obstacles ahead of the 2026 kickoff.

The UTM FLNG boss said that the President also directed them to prioritise the project which is expected to generate no fewer than 7,000 direct and indirect jobs in the country.

He said that the investors from Technip Energies of France and JGC Corporation of Japan, were also directed to report any challenge to the president in the course of implemention.

Rone added that the two companies would invest about five billion U.S dollars in the floating energies in collaboration with the NNPC Ltd, while the Afrexim bank is working on the financing aspect.

He said that the project would have a 300,000 tonnes capacity of LPG per annum as well as meet 25 per cent of local demand of the gas.

On local content, Rone said that a number of Nigerians are already being trained on handling of the various equipment for the project.

He added that plants would also be created for the delivery and marketing of the products to customers on completion.