As part of its expansion efforts, Falcon Corporation Limited has announced the successful closing of a N19.41 billion facility from Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF).
Proceeds of the loan are earmarked for the development of a 15,000 metric ton liquefied petroleum gas (LPG) storage facility and a dedicated jetty situated in Rumuolumen, Saipem/Aker Base Road, Port Harcourt, Rivers state.
The project, which has reached an advanced stage, is being carried out in two phases, with the initial phase focusing on the construction of a 10,000 metric ton spherical tank (consisting of two 5,000 metric tons tanks), a dedicated jetty and other associated infrastructure, to be followed by the development of an additional 5,000 metric tons of storage at a later date.
Managing Director of the Company, Prof. Joe Ezigbo, said: “Gas development is our contribution to nation-building and we remain unrelenting in this regard. We positioned our LPG facility strategically in proximity to major gas sources and navigable water routes. The Project is set to facilitate and enhance more direct procurement and distribution of LPG, which will dramatically lower conventional delivery and storage costs. Beyond economic gains, we anticipate significant social benefits including job creation, income growth, health improvements, and environmental sustainability as our customers and communities transition to cleaner fuel options on a larger scale.”
Deputy Managing Director and co-founder, Audrey Joe-Ezigbo, said the company remained committed to the growth and advancement of Nigeria’s domestic gas industry and is expanding across the gas industry value chain.
“We are fully aligned with the nation’s aspirations to leverage gas for industrialisation, and our primary energy transition fuel, with a strong focus on its use for power and cooking,” he said.
Chief Executive Officer (CEO), Chapel Hill Denham, Bolaji Balogun, said the move would not only increase domestic LPG consumption but also help in achieving one of the critical sustainable development goals aimed at reducing carbon emissions, air pollution, and habitat loss resulting from the use of firewood for cooking by more than 30 million households.
