After Setting Up Refinery to Rival Dangote, Nigerian Billionaire Signs Deal to Build Gas Plant
- BUA Group has entered into a partnership with CIMC ENRIC to construct a mini LNG project in Nigeria
- The 700-ton-per-day facility will boost BUA Group’s power-generating capacity
- BUA said the mini LNG project will increase the all-year availability of cleaner energy, supporting the group’s demand for power
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
The BUA Group has signed a partnership agreement with CIMC ENRIC, a global energy equipment manufacturer, to build a 700-ton-per-day mini LNG project in Nigeria.
According to a statement by the BUA Group, the signing ceremony took place in the company’s headquarters in Lagos on Monday, December 18, 2023
Source: Getty Images
BUA plans to diversify into cleaner energy
The partnership is a significant step in the group’s expansion into the energy sector and its commitment to sustainable energy in Nigeria.
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The BUA Group Chairman, Abdul Samad Rabiu, promised that the conglomerate will continue to use cleaner energy sources nationwide in line with its short-term and long-term ESG commitments and sustainability plans.
He said that while the BUA Group is already using gas as a critical energy source across its more than 1,000MW captive power plants, the mini LNG project will boost the all-year availability of cleaner energy, supporting the group’s demand for power.
He said:
“We are excited about the prospects of this project and look forward to a fruitful collaboration with CIMC ENRIC.”
Project to impact on BUA's host communities
ThisDay reports that the agreement highlights the project’s expected impact on the regional energy terrain, aligning with Nigeria’s plan to diversify its energy commitments.
Rabiu said the company remained committed to investing in state-of-the-art technology, infrastructure, and benefits for its operations and host communities.
BUA Group is one of Nigeria’s leading foods, mining, manufacturing, and infrastructure behemoths, with diversified interests in cement, sugar, real estate, construction, oil and gas, energy, rice, port operations, and logistics.
BUA set to open new multi-billion naira cement plant in Sokoto after price crash
Earlier, Legit.ng reported that BUA Cement revealed plans to inaugurate a new cement plant in Sokoto state in January 2024.
Rabiu, chairman of BUA Group, revealed this during his visit to Sokoto state Governor Ahamd Aliyu on Wednesday, November 1, 2023.
The billionaire businessman said the company, which recently crashed its cement price in Nigeria, is working to prepare the plant for inauguration by then.
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Source: Legit.ng
