1 December 2012

Nigeria: Skye Bank, Rivers Partner On Gas Project

Lagos — Skye Bank Plc is partnering the Independent Compressed Natural Gas plant project in Port Harcourt, Rivers State.

According to officials of the bank, it took the decision to partner with the company, because of the bright prospects it holds and the multiplier effects the project would have on the economy.

"The bank believes that the project will revolutionize the manufacturing and transportation industries because of its confirmed potentials and benefits to these sectors. The project is also in line with the government's objective of making available to Nigerians the benefits of sustainable energy which is the only form of energy that is long lasting, nature and environment-friendly as opposed to organic fuels".

According to Tajudeen Ahmed, Head, Corporate and Strategic Planning, Skye Bank's broad trantransformation strategy supports meaningful partnership with government agencies and institutions to execute their primary mandates.

He said the bank believes that the project would be a turning point in the history of Rivers State as Nigerians would have access to low cost, long lasting energy for industrial and residential users, as well as a cleaner and healthier environment.

"The aim is to attract foreign investments into the state's economy.

When the project is completed, it is expected to provide gas to power several industries in the state and boost their output. This increase in output is expected to lead to greater revenue for the affected companies and in turn enhance their ability to generate employment and increase their capacity.

He said in addition, the project would greatly reduce the incidence of gas flaring which is prevalent in the area and help in conserving the nation's stock of gas which can be harnessed and processed for domestic and industrial uses.

The company's scope include deployment of gas processing facility to clean and compress gas, construction of mother and daughter stations at owner's site and client's site which is used to transport gas from a gas node to client's site.

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