Samsung Heavy Industries Nigeria Limited (SHIN) has applauded the Federal Government for conducting a feasibility study for the construction of ship repair facility in country to serve LNG carriers, Crude Oil Tanker and other merchant vessels in Nigeria.
Managing Director of SHIN, Mr. Jejin Jeon commended the efforts of the Ministry of Petroleum Resources and the Nigerian Content Development and Monitoring Board (NCDMB) at the opening session of the 2021 Nigeria International Petroleum Summit (NIPS) in Abuja.
The SHIN Managing Director told participants at the conference that the $300 million of pure investment made by the company in building the Lagos integration and fabrication yard, a set of world-class fabrication and integration facilities, had indeed opened a passage for Nigeria to potentially become one of the major players in international oil and gas industry.
Jeon, however, lamented that the major constraint remains as there is no adequate shipbuilding or repair facility in Nigeria which could accommodate ships in the range of 19K to 200KGT, despite her geographical advantage that is optimized for ship repair businesses. “It is therefore laudable that NCDMB and Ministry of Petroleum is exhibiting excellent pioneer spirit by conducting a feasibility study for the construction of ship repair facilities in country to serve LNG carriers, Crude Oil Tankers and other merchant vessels in Nigeria”
Jeon noted that through the Egina Project, Samsung has demonstrated that through real investment, rigorous training, health and safety policies and environmental awareness, local fabrication and integration can take place in Nigeria at a world class level.
‘Through effective legislation and initiatives such as the ease of doing business, Foreign Investors are given the protections necessary and required to overcome these challenges and achieve the intended growth and development for Nigeria to benefit greatly. Working hand-in-hand with government and its agencies, this is definitely achievable and will send a very clear and eager message to other foreign investors with the interest in coming to Nigeria for further investment in a peaceful environment,” Jeon said.
