Temile Development Company Limited (TDC), a Nigerian firm, has announced a major boost in its investment in the country’s gas sector. The company now has over $450 million worth of investments after sealing a new contract with Hyundai Heavy Industries. The contract is for the construction of a Very Large Gas Carrier (VLGC) with a capacity of 88,000 cubic meters.
The contract was signed on Wednesday in London, United Kingdom. TDC also signed another agreement with NLNG Shipping & Marine Limited for the supervision of the VLGC construction. This supervision deal and the new ship construction are together worth over $250 million.
This latest development means that TDC has now committed over $450 million to Nigeria’s gas sector in the past four years alone.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, was present at the signing ceremony. He described the deal as a very important milestone in the country’s gas journey and a major push towards achieving the Federal Government’s ‘Decade of Gas’ plan.
The Decade of Gas initiative, which was launched in 2021, is a long-term plan by the government to use Nigeria’s natural gas resources to improve the economy and power the country’s energy needs. The aim is to shift Nigeria from relying heavily on oil to using more gas for power, industry, and export by the year 2030.
Minister Ekpo praised Temile Development Company for taking the bold step to invest such a huge amount in the Nigerian gas industry. He said this type of investment helps in encouraging local companies to play key roles in the country’s development.
“This project brings Temile’s total investment in Nigeria’s gas value chain to over $450 million in just four years. It is not just about infrastructure. It shows belief in the country’s gas potential and the ability of Nigerian companies to drive big changes in our energy space,” the minister said.
He also noted that this kind of investment would help to improve Nigeria’s economy, create more wealth, and provide jobs for Nigerians. He added that it would also help in reducing poverty, and help the country play an important role in the global shift towards cleaner energy. All these, he said, are in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The minister used the opportunity to call on other players in the oil and gas industry to work together more, bring in fresh ideas, and focus more on local content development. He said more Nigerian companies should follow TDC’s example by making bold moves to invest in gas infrastructure.
The Chief Executive Officer of Temile Development Company, Mr. Alfred Temile, expressed pride in the company’s role in the sector. He said the new deal is a clear sign of TDC’s strong commitment to help grow Nigeria’s gas industry.
“TDC remains highly committed to continuing to drive critical investments in partnership with key sector stakeholders in furtherance of Nigeria’s Decade of Gas initiatives,” he said.
This new ship will help Nigeria expand its capacity to transport gas and attract more international business partners. It also shows that local companies like TDC are ready to take the lead in building a stronger gas sector for Nigeria’s future.
