The Nigerian gas sector has received a significant investment boost with Temile Development Company Ltd securing a contract with Hyundai Heavy Industries for the construction of an 88,000 cubic meter Very Large Gas Carrier (VLGC).

The contract, signed in London, United Kingdom on Wednesday alongside a deal for the construction supervision contract with the NLNG Shipping & Marine Limited (NSML), is valued at over $250 million.

This brings TDC’s total investments in the gas sector to over $450 million, 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 realizing 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.

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.

Ekpo also reaffirmed the Federal Government’s commitment to providing necessary incentives and enablers to catalyze the economy.

The minister said: “This project will bring Temile’s total investment to date in the gas value chain to over $450 million 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.”