The investments of Temile Development Company Ltd in the Nigerian gas sector have hit $450m upon securing a contract with Hyundai Heavy Industries for the construction of an 88,000 cubic meter Very Large Gas Carrier.
In a statement, TDC disclosed that the contract, signed in London, United Kingdom, on Wednesday alongside a deal for the construction supervision contract with the NLNG Shipping & Marine Limited is valued at over $250m.
This brings TDC’s total investments in the gas sector to over $450m within the last four years.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in a speech at the event, described the deal as a significant milestone in the collective journey towards realising Nigeria’s ‘Decade of Gas’ vision.
Launched in 2021, the Decade of Gas initiative is a strategic effort by the Federal Government to harness the country’s abundant natural gas resources for economic development and energy transition.
The initiative aims to transform Nigeria into a gas-powered economy by 2030 through a series of policy reforms, infrastructure development, and investment attraction strategies.
Speaking at the event, the gas minister commended TDC for its substantial investment in the gas sector, stating that it reinforces local participation in the sector critical to Nigeria’s national economic diversification agenda.
The minister said, “This project will bring Temile’s total investment to date in the gas value chain to over $450m in the last four years. This is a significant and strategic financial commitment, reinforcing local participation in a sector critical to our national economic diversification agenda.
“Today, we celebrate not just an investment in infrastructure but a bold expression of belief in Nigeria’s gas potential and in the capability of indigenous companies to lead transformational change in our energy landscape.”
According to Ekpo, the investment would contribute to Nigeria’s economic development, poverty eradication, wealth creation, and deepen domestic capacity and position Nigeria as a key player in the global energy transition, which are core objectives of President Tinubu’s Renewed Hope Agenda.
The gas minister also tasked other operators and critical stakeholders in the Nigerian oil and gas sector to recommit themselves to the principles of collaboration, innovation, and local content development.
The Chief Executive Officer of TDC Limited, Mr Alfred Temile, said the deal reaffirms the company’s role as a strategic stakeholder in Nigeria’s gas value chain development.
“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.
