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Access bank bankrolls construction of Nigeria’s biggest LPG terminal
Access Bank Plc has sealed a fresh financing deal with Techno Oil Limited and Cakasa Nigeria Company Limited for the construction of an automated Liquefied Petroleum Gas terminal in Lagos.
The 12,000 metric tonnes capacity project, would be the largest in West Africa, the companies said in a statement.
The investors said the facility, being built at the Kirikiri coastline, Apapa in Lagos, would boost the LPG storage and consumption in Nigeria.
The Managing Director, Techno Gas and Power, Mr. Collins Onyeama, said at a ceremony to sign the deal that the project would be completed in November 2017.
He said the project would be handled by Cakasa in partnership with a European firm that had handled similar facilities in Nigeria and other African countries.
Onyeama said that the Techno Oil Group was embarking on the project to boost the drive by the Federal Government to increase the consumption of the LPG, currently standing at about 400,000 metric tonnes every year in Nigeria.
He said the approval for the construction of the plant had been granted by the Department of Petroleum Resources and that necessary Environmental Impact Assessment had also been carried out.
The Techno Gas MD said the company’s LPG cylinder manufacturing plant being built in Lagos.