The $120 Signing Ceremony in London
A Warri based indigenous shipping company; Temile Development Company has signed an agreement with Hyundai Heavy Industries Limited to build one firm and one optional Liquefied Petroleum Gas carriers valued at about $120 million.
The vessels billed to be delivered in the first quarter of 2020 is designed to have all the necessary state of the art gadgets and security features to operate safely and seamlessly in and out of the Gulf of Guinea and beyond.
The groundbreaking deal for the construction of the vessels by Hyundai said to be the first of its kind in West Africa was sealed in faraway London between Temile Group and the South Korean Industrial giant Hyundai.
Present during the signing ceremony to witnessed the epoch-making event was a representative of Fidelity Bank, Bankers, and financial advisers to Temile Group, Mr. Mohammed Balarabe, the executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB) Simbi Wabote and Alfred Temile the CEO of Temile Development Company Limited.
Others present in the ceremony include Vice-President Hyundai Heavy Industries Mr. S Y Park, Mr. Tony Attah, CEO Nigerian Liquefied Natural Gas Limited (NLNG) and the Managing Director Hyundai Heavy Industries, Jay H. Kang.
Reviewing the process leading to the consummation of the contract between Temile and Hyundai towards building the one firm and one optional 23,000 cbm Petroleum Liquefied Gas (LPG) Tankers, Mr. Temile said it was worthwhile and visionary.
An LpG Vessels on a Voyage
According to him “Our extensive experience in the various sector of the oil and gas industry in Nigeria with a particular interest in the offshore shipping and logistics justifies our involvement in the new investment. Our entrance into LPG market is exciting and we are in safe hands to have ordered an LPG carrier from Hyundai Mipo Dockyard in South Korea”.
Both representatives of Fidelity Bank and Nigerian Liquefied Gas Company who witnessed the occasion expressed satisfaction with the Nigerian Indigenous oil and gas company’s vision and endurance in their businesses.
The bank representative commended Temile Group for the groundbreaking and strategic move stating that it was worthy of commendation and encouragement. He calls for greater participation of local and indigenous companies in the oil and gas companies while assuring of their bank determination to support them increased capacity and growth.
Hyundai Heavy Industries Dry dockyard
The CEO of NLNG Mr. Tony Attah also commended Temile Group on the feat and assured them of their company’s willingness to support and encourage the local and indigenous firm to venture into the Nigerian Liquefied gas market as it would help to deepen its growth and expertise.
It would also strengthen their vision of bringing safe and reliable energy to the world and help to build a better Nigeria.
The new vessels ordered by Temile group is said to be the 17th vessel in the fleet of the dynamic oil and gas company that is expanding its operations and services across the Nigerian oil and gas sector. The new vessel is projected to service an existing time charter LPG contract with NLNG.
An LPG Gas Vessel
Temile Group is based in Warri, the commercial nerve centre of Delta State. Its services focus on the provision of oil and gas equipment and well as offshore shipping. It is noteworthy that the company is wholly owned by indigenes of the Niger Delta and has been in successful operations for over 20 years.