Investments in CNG, LNG Infrastructure Critical for Nigeria's Energy Security
Today, I was thrilled to commission the 3.1 million metric tonnes standard cubic feet per day (MMscfd) Compressed Natural Gas (CNG) facility and breaking ground for the 5.2 MMscfd Liquefied Natural Gas (LNG) facility by Tetracore Energy Group in Ogun State. These investments are pivotal for Nigeria's energy security and reflect our commitment to diversifying energy sources and promoting cleaner fuels.
I was thrilled to receive commendation from the Nigerian Association of Liquefied Petroleum Gas (LPG) Marketers for our efforts in reducing and stabilizing LPG prices through the domestication of all LPG produced within Nigeria.
During a meeting with the association today, the National President, Mr. Oladapo Olatunbosun, appreciated our swift action following the stakeholders' forum in February. He highlighted the significant price reduction, from N20 million to N15 million per 20 metric tonnes, and at the retail level, from N1,400-N1,500 per kilogram to N900-N1,000 per kilogram.
Today, I had the honor of commissioning the 5.2 Million Metric Standard Cubic Feet per Day (MMSCFD) CNG/autogas facility in Ilasamaja, Lagos. This is a pivotal step in our mission to enhance the use of Compressed Natural Gas (CNG) as a vehicular fuel across Nigeria, especially following the removal of fuel subsidies.
This project, a collaboration between NNPC Gas Marketing and Transit Gas Nigeria Limited (TGNL), is in line with President Bola Tinubu's "From Gas to Prosperity: Renewed Hope" initiative. I extend my gratitude to these companies for their commitment to utilizing our abundant natural gas resources to drive economic development.
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