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LPG: FG approves $50m cooking gas energy fund

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Effort by the Federal Government to deepen Liquefied Natural Gas (LPG) penetration, popularly called cooking gas, appears to have achieved the desired result as the Federal Government has announced the establishment of a $50 million LPG Energy Fund in partnership with AFREXIMBANK. President Muhammadu Buhari, Minister of State for Petroleum Resources, Mr.Timipre Sylva, disclosed this in Abuja yesterday during his address at the opening ceremony of the 5th edition of the Nigeria International Energy Summit (NIES) 2022 with the theme ‘‘Revitalising the Industry: Future Fuels and Energy transition’’. Represented by the Minister of State for Petroleum Resources, Mr.Timipre Sylva,  Buhari explained that the Federal Government has equally established a 20 million Cylinder Injection Scheme where 5 to 10 million will be introduced in pilot states this year. Buhari added that the nation has embarked on a critical pathway to ensuring that the over 200 trillion Standard Cubic Feet (TSCF) proven reserves of natural gas in Nigeria is marshalled to engender domestic economic growth and development beyond 2030. ‘‘Thus, we are driving to make natural gas our dominant primary energy source for use in the medium to long term.

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