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Temile, Hyundai sign $120m MoU for LPG carriers

Temile Development Company Limited; an indigenous shipping company, has signed a shipbuilding contract with Hyundai Heavy Industries Limited to build one firm and one optional liquefied petroleum gas (LPG) carriers.

Both vessels are valued at $120 million with the first carrier expected to be delivered by the first quarter of 2020.

The contract was signed in London in presence of Tony Attah, CEO, Nigerian Liquefied Natural Gas company (NLNG), Simbi Wabote, executive secretary, Nigerian Content Development and Monitoring Board (NCDMB) and Mohammed Balarabe, deputy managing director, Fidelity Bank.

Fidelity Bank is the main banker to Temile Development Company Nigeria Limited.

Temile, a 100% owned Nigerian company, began operations in 2013.

The company’s fleet comprises of 16 offshore vessels, acquired within the last 5 years. The new carriers would be the first of their kind in the West African oil and gas market and would enable the company service an on-going time charter LPG contract with NLNG.

“We have extensive experience in various sectors of the oil and gas industry in Nigeria, with a particular interest in the offshore shipping and logistics. Our entrance into LPG market is exciting and we are in very safe hands to have ordered an LPG carrier from Hyundai Mipo Dockyard. This will no doubt increase the participation of Nigerian investors in the LPG space” said Alfred Temile, CEO, Temile Development Company Limited.

Tony Attah, NLNG CEO, said the transaction supports the quest to develop the domestic LPG market and grow indigenous companies in the process.

“NLNG’s domestic LPG intervention scheme aligns with our business focus of bringing energy to the world and helping to build a better Nigeria,” he said.

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