Seplat Discloses Plan For $250m Investment In Sapele Gas Plant
The Director of New Energy at Seplat Plc, Effiong Okon, has disclosed the company’s new plan to construct a new $250m gas plant in Sapele, Delta State.
This was disclosed during the Nigeria Oil and Gas Outlook event in Lagos, themed “Investing in Nigeria’s Energy Future,” where Effiong outlined the company’s vision for contributing to the energy landscape.
Analysts pointed out that there is a high interest from investors in the energy sector, anticipating substantial investments to flow into Africa’s largest economy.
During a panel discussion on secured energy transition towards gas, Effiong expressed the company's commitment, stating, “We are also starting a brand-new plant in Sapele, the Sapele gas plant – another $250 million investment that will deliver a lot of LPGs to the market.”
In providing insights into the company’s timeline, Effiong noted that the Seplat’s Joint Venture gas processing facility in Imo State is set to be completed by December, with plans for commissioning in January 2024.
Also, Effiong stressed the important role of the private sector in driving investments in the oil and gas sector.
The Manufacturers Association of Nigeria further explained that energy costs consist of over 30 per cent of businesses in the country.
The further increase in petrol prices has worsened the difficulties faced by struggling MSMEs, who are already burdened by numerous challenges related to their operating conditions.