Nigeria Liquefied Natural Gas Company (NLNG) plans to invest $1.5 bill in a local shipyard capable of accommodating large crude carriers, according to Reuters.
Nigeria, Africa’s biggest economy and world’s eighth largest crude producer, does not have a drydock capable of repairing large tankers.
Hyundai Heavy Industries and Samsung Heavy Industries have agreed a $30 mill commitment towards building the drydocking facilities in Badagry, some 40 miles west of Lagos.
Last December, NLNG unveiled the project to multi-national oil companies in Nigeria.
The yard’s construction is expected to take up to four years, and will start once the funding is secured, according to a report from Reuters.