Signposting increasing investment inflows, Temile awards new vessel building contract –

Signposting increasing investment inflows, Temile awards new vessel building contract

An indigenous firm, Temile Development Co, has signed contract with the same builder for the construction and supervision of its second 23,000 cubic meters LPG/NH3/VCM carrier vessel.

The development, which came few days after the Nigerian National Petroleum Company (NNPC) Limited and its Joint Venture (JV) partner, Sahara Group, announced taking delivery of two 23,000 CBM Liquefied Petroleum (LPG) vessels at Hyundai Mipo Shipyard in South Korea, was a reflection of the sustained inflow of investments in the country’s oil and gas sector.

The contract, according to Temile, was awarded to Hyundai Mipo Dockyard (HMD) for the construction of the vesel, and the Nigerian Shipping Management Limited (NSML), the shipping arm of the Nigerian LNG Limited, for supervision of the building of the facility.

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The dual contract award took place at the signing ceremony held at the World Gas Conference (WGC 2022) in Daegu, South Korea.

NSML is an integrated maritime services company providing a wide range of top-notch maritime and shipping services, including training, manning, fleet management and consultancy services. The LPG carrier vessel is the second that is being constructed by the Temile Development Company and is a sequel to the first vessel which was delivered in 2020, currently chartered to Nigeria LNG Limited for domestic LPG supply.

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The first LPG vessel delivered in 2020 and the newly awarded were part of a two-vessel-building project valued at over $120 million. 

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In a statement issued yesterday by the Chief Executive Officer of Temile Development Co, Alfred Temile, the new carrier vessel to be constructed was a high-end specification vessel which has been designed by NSML in accordance with bespoke requirements using HMD’s highly efficient eco-design.

Temile said the new LPG carrier was expected for delivery on July 26, 2023 at HMD in Ulsan, Korea, adding that the development demonstrates the company’s commitment and support to the Nigerian Local Content Act and establishes their confidence in local capacity to deliver international acceptable standards.

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He said: “We are delighted to execute the construction of our new LPG carrier with HMD, bringing onboard NSML to supervise the construction. As an indigenous company, this demonstrates our commitment and support to the Nigerian Local Content Act and, as well, establishes our confidence in local capacity to deliver international acceptable standards.

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“Working with HMD again makes us feel in very safe hands as we are confident that this eco-design/cleaner fuel vessel shall be constructed in line with international best practices and industrial regulations thereby creating a space for the vessel in the international gas supply value chain.

“Having taken delivery of our first LPG carrier vessel which is currently chartered to Nigerian LNG Limited for domestic LPG supply, we look forward to taking delivery of this new carrier in July 2023 to make an addition to the global gas supply industry”.

The two developments occurring in a space of few days have signified increased investment inflows into the Nigerian oil and gas industry resulting from the enactment and application of the Nigerian Content Act and the Petroleum Industry Act (PIA).

Commenting on the deal, the Nigerian Content Development and Monitoring Board (NCDMB) congratulated Temile Development Company and saluted its bullish initiative in investing in an area that was regarded as off-limits for local players. 

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In a video message delivered to the agreement signing ceremony, the Executive Secretary of NCDMB, Mr. Simbi Wabote, described the accomplishment as evidence of significant growth in capacity and confidence of local companies to play in the international arena and in complex areas of the oil and gas industry. Wabote indicated that the agreement signing event and subsequent construction and supervision of the contract align with the Board’s strategic plan of maximizing the potential in the midstream and downstream sectors of the Nigerian oil and gas industry, especially as the oil and gas industry strives to actualise the Decade of Gas policy of the Federal Government.

According to him, “this project clearly supports our LPG penetration initiative in Nigeria and will further close the gap in LPG penetration in Nigeria.”

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