Business

Ardova commends Stanbic IBTC’s support for LPG storage project

The Group Chief Executive Officer, Ardova Plc, Olumide Adeosun, has expressed his appreciation to Stanbic IBTC’s Infrastructure Fund for its commitment to the company’s Liquified Petroleum Gas (LPG) storage terminal project.

 

Adeosun, who stated this at AP LPG terminal’s (a fully owned subsidiary of Ardova Plc), groundbreaking ceremony for the construction of a 20,000 metric tonne LPG storage terminal at the project site in Ijora, Lagos last week, noted that the  importance of having formidable partners for project development, planning, execution, and investment support could not be overemphasised.

 

He said: “We are pleased to have the support of the Stanbic IBTC Infrastructure Fund for its pioneering role in a transformational project within the LPG value chain, which will undoubtedly accelerate the various energy transition initiatives currently underway at Ardova Plc.

“This support has helped us commence construction of this 20,000 metric tonne LPG storage terminal, which is expected to bring efficiency and reliability of LPG supply to Nigerian consumers as well as create long term value for our shareholders; and for this, we are thankful.”

He further stated: “Beyond the cleaner energy premise, approximately 600 direct jobs will be created during the construction of the project and there is a multiplier effect of about additional 1,400 indirect jobs that will be created during the construction period after which it settles to about 250-300 jobs once the project becomes operational.”

According to the company, the project, which is expected to be completed in December 2022, will be the largest LPG storage facility in the nation and will ease some of the existing bottlenecks in the value chain for the supply of cleaner and more efficient energy for domestic use (cooking gas) in Nigeria, amongst other strategic benefits.

 

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